Last night, Sara Britcliffe, Member of Parliament for Hyndburn and Haslingden, voted for the Government’s plans to ensure free access to cash for millions of people. The move will mean that the most vulnerable in society can continue to withdraw and deposit cash for free.
The Financial Services and Markets Bill, which passed one of its final hurdles last night in the House of Commons, contains a provision which means the financial services regulator will have the power over major banks and building societies to preserve access to cash for those who need it.
The Hyndburn and Haslingden MP has been a key campaigner on this issue, conducting banking surveys in her constituency and hosting an Access to Cash event in Parliament, supported by over 30 MPs from across the political divide.
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 our most vulnerable.
The guarantee in the Bill follows action taken by the Government to protect access to cash over recent years – including the Financial Services Act 2021 introduced changes to support the widespread offering of cashback without a purchase by shops and businesses.
Sara Britcliffe, commenting, said:
Many people in Hyndburn and Haslingden rely on free withdrawals and deposits of cash on the high street. That’s why I welcome the Government’s action to ensure free access to cash in the future.
I know that this guarantee will be important for the elderly and most vulnerable in our community who frequently use cash as their choice of payment.
I am currently working on some exciting local projects in this area and hope to be able to update constituents soon.
