Bank of England Commits to Ongoing Monitoring Cash Acceptance UK

The UK Government has confirmed that the Bank of England will continuously monitor cash acceptance following concerns raised in a Treasury Committee report about the declining use of coins and banknotes. Since January, the Bank has included an additional question in its consumer surveys to assess the impact on individuals when businesses refuse cash payments, finding that some consumers either had to go elsewhere or abandoned their purchases. The Treasury Committee highlighted that businesses legally can refuse cash without accommodating diverse customer needs, leading to reduced cash acceptance in sectors like public transport and local government services. This decline risks creating a two-tier society, disproportionately affecting vulnerable groups such as people with learning disabilities, domestic abuse survivors, and the elderly. While the Government currently has no plans to mandate cash acceptance, it acknowledges the need for improved monitoring and could consider regulation if access to cash becomes severely limited. The Bank of England’s ongoing data collection aims to provide a public sector perspective on cash acceptance alongside industry data to help address these societal concerns.