Yesterday, Wednesday 29 June – Greg Smith MP showed their support for the UK’s cash infrastructure at an industry event in Parliament, hosted by the UK’s second-largest ATM provider, NoteMachine.
Greg joined colleagues in Westminster in signing a pledge supporting the UK’s cash infrastructure, and heard from NoteMachine’s CEO, Philip Bowcock, about the urgent need to protect free access to cash in the UK – with more than two-thirds of the UK population believing cash is essential or important to our society.
Despite the continued need for free cash access, changes to the way ATMs have been funded has left many cash machines forced to pass business costs onto consumers – threatening further cuts to the number of free-to-use ATMs across the country. Greg heard how, without Government intervention on this, the UK risks sleepwalking into a cashless society.
Philip Bowcock, CEO at NoteMachine, said: “It was great to see so much cross-party support for our issue, in the House, this week. What we need now however is to turn words in to actions, and that includes legislation to ensure consumers can continue to access their own cash, for free, whenever they need it. Our suggestions – fixing the funding mechanism of ATMs and mandating universal deposits - will also cost the taxpayer nothing.”
Greg said: “Despite the move toward online payments and banking, cash remains king for so many, including the most vulnerable in society, those living in rural areas and small shops and businesses – the lifeblood of our local communities. We know all to well across the Buckingham constituency the impact of banks choosing to close down branches and I am committed to doing my bit to protect free access to cash for my constituents and encourage others to follow suit.”