THE age of coins and bank notes is not yet spent, despite the rush towards digital transactions, the chancellor has announced.
Philip Hammond said there will be no change to coins and notes in circulation, ending speculation 1p and 2p coins were to be scrapped.
The Treasury will also lead a group to support cash access and safeguard the future of physical money. The announcement came during the Verdict of the Pyx ceremony in London, part of a coin-checking custom dating back to the 12th century.
Mr Hammond said: ‘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 many people still rely on cash and I want the public to have choice over how they spend their money.’
Natalie Ceeney (pictured), head of the Access to Cash review, was ‘delighted’ by the news. ‘If we sleepwalk into a cashless society, millions of people will be left behind,’ she said.
About 2.2million people are almost entirely reliant on cash, with the elderly, vulnerable and rural communities hardest hit by a decline.
Which? has also revealed fees of at least 95p per withdrawal were imposed on 1,700 ATMs between January and March.
Brrrr-ing and buy… red phone boxes yours for £1
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