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Written question asked by Andrew Rosindell (Conservative) on Friday, 1 September 2023, in the House of Commons. It was due for an answer on Tuesday, 5 September 2023. It was answered by Andrew Griffith (Conservative) on Monday, 11 September 2023 on behalf of the Treasury.

Business: Money

Question

To ask the Chancellor of the Exchequer, whether his Department plans to take steps to require businesses to accept cash payments.

Answer

The government has no plans to add to regulatory burdens on business by mandating cash acceptance. As technology and consumer behaviour changes, it should remain the choice of individual organisations as to whether to accept or decline any form of payment, including cash or card.

Nonetheless, the government recognises that, to support people’s ability to continue to transact using cash, businesses need reasonable access to cash deposit facilities to support them to keep accepting cash.

The government therefore legislated through the Financial Services and Markets Act 2023 to establish the Financial Conduct Authority as the lead regulator for access to cash and provide it with responsibility and powers to seek to ensure reasonable provision of both cash withdrawal and cash deposit facilities.

The government considers that this legislation will support organisations, including local businesses, to continue accepting cash by ensuring that they have reasonable access to cash deposit facilities.

Secondary information

Type
Written question
Reference
195774
Session
2022-23
Subjects
Business Money
Link
View this Written question on www.parliament.uk