Worcester MP Robin Walker has welcomed the Government’s decision to ensure a legal right of free access to cash for millions of people. The move will mean that all including the most vulnerable in society can continue to withdraw and deposit cash for free.
The amendment to the Financial Services and Markets Bill, which is making its way through Parliament, 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.
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.
Commenting, Robin Walker MP said:
“For many people in Worcester, free cash withdrawal and depositing facilities are essential for their day-to-day life. In many cases, these people are elderly or the most vulnerable in our society, so need our support. Our high street businesses also rely on these facilities to continue contributing to our community. By creating legal powers to preserve access to cash, this Government is ensuring that high streets like Worcester’s can continue to serve the people who use them.”