Bank of England Pledges Ongoing Monitoring of Cash Acceptance in UK

The Bank of England has confirmed it will begin monitoring cash acceptance in the UK on an ongoing basis, following recommendations from the Treasury Select Committee. This move is intended to provide clearer insights into how widely cash is still being accepted for everyday purchases and services.

Currently, there is no legal requirement for businesses to accept cash in the UK, meaning some merchants are free to refuse it entirely. The Committee’s report warned that a continued retreat from cash could risk creating a “two-tier” society in which the most vulnerable—such as the elderly, people with learning disabilities, and victims of domestic abuse—face exclusion when cash is no longer accepted in everyday settings like cafés, transport, leisure venues, and shops.

The Government has agreed that the Financial Conduct Authority’s (FCA) efforts to ensure cash access should be extended to assessing the impact on small businesses’ willingness to accept cash. During evidence before the Committee, the Economic Secretary to the Treasury reiterated that there are no current plans to legally mandate cash acceptance for any business—large or small.

Dame Meg Hillier MP, Chair of the Treasury Select Committee, welcomed the Bank of England’s commitment to continued monitoring:

“The commitment from the Bank of England to continue monitoring cash acceptance is a positive first step but given the Government agree with our views in the main, we expect to see further positive measures on protecting the most vulnerable when they publish their Financial Inclusion Strategy.”

Loomis welcomes this commitment. As a trusted cash management partner to businesses of all sizes, we fully support efforts to safeguard cash as an accessible, inclusive payment choice. Our mission is to ensure cash remains secure, efficient, and viable for businesses and customers alike—today and in the future.

Source: https://www.mirror.co.uk/news/uk-news/natwest-bank-set-close-55-35819217