Imagine heading to the shops with your cash ready, only to find out they don’t accept it. It would be pretty infuriating, but as more and more shops go card-only, this situation is edging closer to the norm day by day.
And MPs are starting to get rattled about it. A recent Treasury Committee report warned that the government may need to step in if safeguards aren’t put in place for those who rely on cash. The report stopped short of an immediate law change, but said: “There may come a time in the future where it becomes necessary for HM Treasury to mandate cash acceptance if appropriate safeguards have not been implemented.”
While some argue we’re heading into a cashless future, this shift could harm vulnerable groups, like the elderly, those with learning difficulties, or people on low incomes. These groups often rely on cash to stick to budgets and avoid overspending. Without it, they might face higher costs, creating a “poverty premium.”
“A sizeable minority depend on being able to use cash,” said Dame Meg Hillier, who chairs the influential Treasury Committee.
She added the report is a real “wake-up call” about the huge pitfalls of ignoring those affected by people using banknotes and coins less and less. Should shops be forced to take cash? Vote in our poll below, if you can’t see it, click here.
The committee urged the government to “vastly improve” its monitoring and reporting of cash acceptance levels. It cautioned that without action, there could be a risk of people being excluded from leisure centres, theatres, or public transport. Additionally, it heard about annoyed drivers unable to use cash to pay in car parks.
“The government is in the dark on how widely cash is being accepted and that is completely unsustainable,” said Dame Meg.
Globally, countries like Australia and parts of the EU are considering mandatory cash acceptance for essential services. But the UK government isn’t ready to make cash mandatory just yet.
Several UK retailers – such as Tesco and Asda – are increasingly adopting card-only payment systems at self-service checkout lane.
So what do YOU think ? Should shops be forced to take cash? Vote in our poll above if you can’t see it, click here.
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