Bloomberg Law
March 6, 2020, 10:30 PM

U.K. to Protect Future for Cash Amid Digital Payment Onslaught

Stuart  Biggs
Stuart Biggs
Bloomberg News

Chancellor of the Exchequer Rishi Sunak will announce laws in next week’s U.K. Budget to guarantee easy access to cash, as the rapid rise of online and card payments triggers the closure of ATMs and bank branches.

About 2 million people in the U.K. rely on cash for day-to-day spending, while just under a third of payments are still made using notes and coins, the Treasury said in a statement on Friday. Measures under consideration include new powers for watchdogs and for banks to create a new system for moving cash around the country, the Treasury said.

“People across Britain ...