Jo Gideon MP votes in favour of Government plans to ensure free access to cash on for high-street customers in Stoke-on-Trent Central
- Millions of people are set to benefit from new legislation that will help people to continue to withdraw and deposit cash for free.
- While many of us already take advantage of the speed, convenience and functionality provided by digital payments, millions of people across our country continue to rely on the use of cash in their everyday lives – including some of the most vulnerable.
Last night, Stoke-on-Trent Central MP, Jo Gideon voted for the Conservative Government’s plans to ensure free access to cash for millions of people. The move will mean that the most vulnerable in society can continue to withdraw and deposit cash for free.
The Financial Services and Markets Bill, which passed one of its final hurdles last night in the House of Commons, contains a provision which means the financial services regulator will have the power over major banks and building societies to preserve access to cash for those who need it.
The Government Minister responsible for the Bill, Andrew Griffith MP, said that whilst speed, and convenience of digital payments opens a world of opportunity for people and businesses, the reality is that so many still depend upon access to cash, particularly our most vulnerable.
The guarantee in the Bill follows action taken by the Government to protect access to cash over recent years – including the Financial Services Act 2021 introduced changes to support the widespread offering of cashback without a purchase by shops and businesses.
Jo Gideon MP, Member of Parliament for Stoke-on-Trent Central said:
“It is evident that cash remains a vital payment method for many people in Stoke-on-Trent Central, who rely on free cash withdrawals and deposits on the high street. I have met with multiple organisations that campaign on this important issue, and since being elected in 2019, I have supported the campaign to enhance cash access in our communities. That’s why I voted last night to ensure continued free access to cash in the future. I understand that this guarantee is crucial for the elderly and the most vulnerable in our community, who frequently choose cash as their preferred payment option as the best way to budget.”
ENDS
