The future of cash - including 1p and 2p coins - has been protected under plans set out today (Friday 3 May), which will ensure the British public continues to have choice over how they spend their money. Certainly a welcome move for our members.
The Chancellor, Philip Hammond, announced plans to help safeguard access to cash by establishing a new group chaired by the Treasury. Bringing together regulators and the Bank of England, the group will set strategy, coordinate work to support nationwide access and help safeguard cash for those who need it.
The Chancellor reiterated that there will be no changes to current coins and notes, with all denominations – from the penny to the £50 note – staying in circulation.
This will complement work to support digital payment methods – including on broadband coverage and open banking - which continue to revolutionise and expand the ways people manage their money.