GOVERNMENT MUST ACT TO PREVENT FINANCIAL EXCLUSION

I recently spoke in a debate on access to cash, highlighting the financial exclusion many people face as we move further towards a cashless society. Whilst technology is bringing many benefits to societies and individuals, we are seeing too many people, often vulnerable people, being left behind by this digital revolution.

I highlighted the worrying trends we are seeing for those who use cash regularly, with free-to-use ATMS disappearing from our streets at an alarming rate, banks abandoning our towns and the Post Office network increasingly under threat.

I pointed out how using cash assists people on lower incomes with budgeting and keeping track of their finances, and that there are over 5 million people in the UK who do not use the internet, as well as 1.3 million who do not even have a bank account.

I called on the UK Government to establish a regulator with sole responsibility for cash infrastructure, to ensure consumers and businesses can access cash.

Click below to watch my speech.