Rutland's MP welcomes government's free cash initiative
It will ensure a legal right of free access to cash for millions of people
Rutland and Melton Mowbray MP, Alicia Kearns, has welcomed a government initiative that will ensure free cash to consumers at the point of withdrawal.
The Government’s amendment to the Financial Services and Markets Bill, which is making its way through Parliament, will ensure a legal right of free access to cash for millions of people.
The amendment means that the financial services regulator will have the legal power to preserve access to cash – free to consumers at the point of withdrawal or deposit – for those who need it. This will mean that all, including the most vulnerable in society, can continue to withdraw and deposit cash for free.
The Government Minister responsible for the Bill, Andrew Griffith MP, said that whilst speed, and convenience of digital payments opens a world of opportunity for people and businesses, the reality is that so many still depend upon access to cash, particularly the elderly or those who use cash to manage their finances. This is the case especially in rural areas like communities in Rutland and Melton.
Alicia Kearns MP said: “I welcome the Government’s amendment to ensure free access to cash in the future. So many members of our communities continue to rely on free withdrawals and deposits of cash on the high street.
“In particular, the ability to make deposits is so important to support small businesses own ability to continue to take cash. I know that this change will also be important for the elderly and most vulnerable in our community who frequently use cash as their choice of payment.”
The amendment follows action taken by the Government to protect access to cash over recent years – including changes in 2021 to support the widespread offering of cashback without a purchase by shops and businesses turning every corner shop into a potential cash dispenser.