Pennies saved as Philip Hammond sets up committee to protect access to cash

Cash machines will be protected by a new government-led committee, Philip Hammond will announce today as he unveils a new taskforce to safeguard access to physical money.

The Treasury-led group will coordinate work across the country to ensure people can still get to their cash in an increasingly digital payment focused economy.

The Chancellor will also vow to protect the current currency dominations, meaning pennies and two-penny-pieces will stay in circulation.

An Access to Cash study published in March warned 8million people would struggle to live in a cashless society, while a report from Which? last year said the UK was losing around 300 ATMs a month.

At the Verdict of the Pyx ceremony in London, part of a longstanding coin-checking custom dating back to the 12th century, the Chancellor is expected to say: “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.

“I’m also setting up a group which brings together the Treasury, Bank of England and the regulators to safeguard the future of cash and ensure its availability for years to come.”

Natalie Ceeney, chair of the Access to Cash review, said: “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.”

Conservative MP Nicky Morgan, chair of the Treasury Select Committee, welcomed the announcement, but called for the government to go even further.

“HM Treasury should undertake an analysis of the incidence of shops and other service providers not accepting cash, and the Chancellor should make cash policy an explicit responsibility of the relevant Treasury minister,’ she said.