UK Government Rules Out Mandating Cash Acceptance for Businesses

The UK government has confirmed it will not mandate businesses to accept cash payments, despite concerns that vulnerable populations, including the elderly and low-income individuals, depend on cash for budgeting. Economic Secretary to the Treasury Emma Reynolds emphasized the importance of maintaining access to cash rather than enforcing acceptance, noting ongoing efforts like banking hubs to support this access. While cash usage has declined, it accounted for one-fifth of shop transactions last year, showing a modest resurgence as consumers seek to manage their spending amid economic challenges. Several MPs raised concerns about the potential exclusion of certain groups, such as those fleeing domestic abuse, who rely heavily on cash for privacy and control over their finances. Reynolds reassured that the UK is not nearing a cashless society, citing that many convenience stores still accept cash. However, a recent survey indicated that many Britons encounter difficulties using cash, particularly in areas like car parks and cafes.