Government has no plans to force businesses to accept cash, MPs hear

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. She told the hearing: “We have no plans to regulate businesses to compel them to accept cash – big or small.” When it was put to her that certain marginalised people could be excluded, she said: “I think our solution to that, through the financial inclusion work that we’re doing, is to try to tackle digital exclusion.” Anna Harvey, deputy director of payments and fintech at the Treasury, told the hearing that there may be some solutions around payment technology, “so, you know, you can get rather than a debit card, you can get some sort of pre-payment cards where money is loaded”. “And the FCA’s statutory access to cash regime is there because the Government recognises that and wants to ensure that the cash infrastructure is in place so that people can continue to access it and businesses can continue to use it as far as possible.” Bank branch and ATM closures have prompted concerns around the ability to use cash, as have the struggles among some people to pay in cash for goods and services such as shopping and parking. “But we do know that there are many businesses who still do.” Ms Reynolds told the hearing: “We have a world-leading financial services sector and the role of innovation and technology is absolutely central to its success.” She added: “We’re very committed to ensuring that we push forward with financial inclusion.” Ms Reynolds also said she is “very keen” to work with the banks to ensure that they are taking practical measures to help people. Asked what she would say to vulnerable groups who want assurance that cash will always be accepted, Ms Reynolds said: “As I’ve said, the focus of the Government is on the access to cash regime, which does relate to the acceptance of cash, because if businesses don’t have places to go to deposit cash, that’s when they stop accepting cash.