Post Office predicts record-high £1bn in cash withdrawals ahead of Christmas
The Post Office is predicting a record-high number of personal cash withdrawals this month, reaching upwards of £1bn.
The prediction exceeds last year’s record-breaking numbers during the festive shopping season, with December 2023 seeing a total of £930m in cash withdrawals.
A total of £916m in personal cash was withdrawn in November, the latest figures showed, which was a 1.6 per cent month-on-month decline from the month prior.
Personal and business cash deposits also fell to £1.45bn and £1.1bn, down month-on-month by 2.5 per cent and seven per cent, reflecting a nationwide impact of Storm Bert.
This year’s predictions follow trends that indicate a larger number of people will “rely on cash in order to budget in the run-up to Christmas Day,” Ross Borkett, Post Office Banking Director, said.
“We’re seeing indications that personal cash withdrawals will be greater in December than the previous year,” Borkett added.
“Following the large-scale disruption caused by Storm Bert last month, postmasters and their teams are on hand to support small businesses who desperately rely on cash takings in the run-up to Christmas.”
The Post Office saw a record-high daily withdrawal for cash on 22 December 2023, with more than £62m taken out over the counter just days before Christmas.
It was also one of the busiest days of this year for cash machine withdrawals, according to the UK cash access and ATM network Link, with around £460m taken out on the last working day before Christmas.