The current make-up of the UK’s coins and notes is here to stay for years to come as the government has committed to protecting its future.
Before the announcement, Federation of Small Businesses National Chairman Mike Cherry said, “While a growing numbers of transactions are electronic, cash is still an essential part of the mix for small businesses as well as consumers.
“A firm wanting to charge 99p should still have the freedom to hand a penny change to a customer paying with a £1 coin.”
The Chancellor, Philip Hammond, is to announce plans to help safeguard access to cash by establishing a new group chaired by the Treasury.
The statement will be made during the Verdict of the Pyx ceremony in London, where he will also reiterate that there will be no changes to current coins and notes, with all denominations – from the penny to the £50 note – staying in circulation.
The government says that this will complement work to support digital payment methods, which ‘continue to revolutionise and expand the ways people manage their money’.
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Email JaimeThe Chancellor, Philip Hammond, commented, “Technology has transformed banking for millions of people, making it easier and quicker to carry out financial transactions and pay for services.
“But it’s also clear that many people still rely on cash and I want the public to have choice over how they spend their money.”
Natalie Ceeney CBE, Chair of the Access to Cash review, added, “Cash use is falling rapidly, but digital payments don’t yet work for everyone. We need to safeguard the use of cash for those who need it, and at the same time work hard to ensure that everyone can participate in the digital economy.
“If we sleepwalk into a cashless society, millions of people will be left behind. I’m delighted to see the Government taking a leadership role on this critical issue – and look forward to seeing action as a result.”
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