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Exciting news John: the government has formally, fully (and finally!) committed to protecting access to cash - free of charge 🥳
On Friday the government announced ⬇️
This is a huge win for groups like Positive Money John, who've been fighting against the tide of cash machine closures for years.
Because we believe, no matter how many pounds you have in your current account, you should be able to access them for free. |
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Cash is a major lifeline to millions of people, including the elderly, the disabled, and those of us on a tight budget. And - as our only form of public money - it’s our last line of defence against the complete privatisation of our money system.
But cash has been under attack for years. Rural branch services have been slashed to the bone and thousands of free ATMs across the country have been shut down. |
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Big banks have been failing their customers and the whole of society. This announcement marks a new line in the sand.
The banking lobby is one of the most powerful in the country, John. The people who have the most to gain from a cashless society are bankers and card company executives like the COEs of Mastercard and Visa. These are hefty opponents with deep pockets - so this is a rare victory worth celebrating.
It’s the result of a people-powered movement; including the amazing work of local activists up and down the country, and groups like the consumer rights organisation Which?. It’s proof that when we work together, we can rewrite the rules of the game: and that’s exactly what happened on Friday.
From publishing our report on Access to Cash in 2018, mobilising voters to reach out to their MP candidates on this issue in the last general election, and running events with The Post Office at political party conferences last year; we’ve been part of the movement that’s produced this incredible result John, and thanks to your support, you helped us achieve this win too. [2]
Sadly, it’s clear to see that a handful of big banks still hold most of the power in our money system, but this is undoubtedly a step in the right direction, on our journey to building a better banking system.
A banking system that doesn’t discriminate based on people’s income, religion, skin colour, or whether they have regular access to the internet.
Protecting access to cash means everyone should have fair and equal access to their money, and get to pay for services how they choose, without running the risk of being excluded from everyday life. And this battle is far from over.
We’ll be keeping a close eye on the Financial Conduct Authority and the government following this announcement. They’ll be running a consultation in the autumn which we’ll submit a response to, to help decide the details of this new policy which comes into force in summer 2024. Until then we’ll keep on pushing for more protections to cash, the introduction of a digital version of cash, and a better banking system for all.
Wins against the big banks like this one, may feel few and far between John, but they are possible. They happen when we work and demand change together.
If you can John, please make a donation to help fund our fight for a banking system that works for people, not profit. |
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Positive Money relies on donations from generous individuals like you to carry out our research, education work and campaign for a fairer money and banking system. |
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