New law will guarantee access to cash machines across the UK

ACCESS to cash everywhere in Britain will be guaranteed under a new law to ensure machines stay open.

Rural communities, the old and the less well-off are finding it ever harder to withdraw cash as bank branches and lone ATMs close.

But two million people still rely on notes and coins for everyday spending.

Under the new law promised by Chancellor Rishi Sunak in next week’s Budget, those who rely on cash will always be able to access it.

He will hold talks with banks and regulators to thrash out how to enforce the move.

Mr Sunak said last night: “People across Britain work hard for their money, with millions relying on coins and notes to make their daily payments.
“That’s why, at next week’s Budget, I’ll be making sure they can continue to access and spend their earnings in whatever way they want.”

It follows similar laws in European countries such as Sweden, and as well as a campaign by consumer group Which?.

It has highlighted how 9,000 free cash machines and 1,200 bank branches have vanished in the past two years alone. And a quarter of the ATMs that remain now levy charges for withdrawals.

In 2018, 50 million adults used cash machines, with 87% of them using one at least once a month.

Bankers’ group UK Finance said the industry have pledged to work with the Treasury.

Chief Executive Stephen Jones added: “The banking and finance industry recognises the importance of ensuring cash remains free and widely available in an increasingly digital society, and we look forward to engaging with the government and regulators on the proposed legislation”.

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