UK Treasury Committee Warns of "Two-Tier Society" Without Action on Cash Acceptance
In a recently published report, the UK Parliament's Treasury Committee has raised a stark warning: the continued decline in cash acceptance across the country could lead to a "two-tier society" if the government fails to act decisively. The report highlights growing concerns that people who rely on cash—especially older citizens, vulnerable groups, and those in rural areas—are increasingly being excluded from the economy.
While the overall use of cash is declining, the Committee stressed that for millions of people, it remains a vital means of payment. “It’s no good having access to cash if there is nowhere to spend it,” said Harriett Baldwin MP, Chair of the Treasury Committee. She emphasised the importance of legislation ensuring that businesses continue to accept cash for as long as there is demand.
At Loomis, we believe in a financial system that works for everyone. As providers of end-to-end cash management solutions, we are encouraged to see this issue gaining serious attention at the highest levels. This report supports what we've seen on the ground: cash is still crucial for many, and infrastructure and policy must reflect that reality.
The Committee’s recommendations include giving regulators the power to mandate cash acceptance where needed and ensuring the long-term sustainability of the cash infrastructure. As we await the government’s response, Loomis remains committed to supporting our clients and communities in maintaining access to and acceptance of cash—because financial inclusion should never be optional.