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MPs demand that chancellor take action to prevent the money system from collapsing

MPs demand that Chancellor take urgent action to prevent the British money system from collapsing

MPs have written to the Chancellor asking them to take urgent action to prevent the British money system from collapsing in light of the coronavirus pandemic.

The letter was signed by 37 cross-party MPs, including former Pension Secretary Angela Eagle and Lib Dem co-leader Ed Davey. It warns that millions who rely on cash can be adrift if the government does not intervene.

It urges Rishi Sunak to come up with legislation that will revive free-use ATMs for local communities and reverse cuts in interchange fees.

MPs have written Chancellor Rishi Sunak asking him to propose legislation to revive free-to-use ATMs for local communities and reverse cuts in interchange fees

MPs have written Chancellor Rishi Sunak asking him to propose legislation to revive free-to-use ATMs for local communities and reverse cuts in interchange fees

It says ATM network Link’s guarantee that cash-deficit areas will have their free ATMs replaced is “ludicrous,” adding, “This will not address the root cause of why cash access is declining.”

Money Mail previously revealed that 50 percent of small businesses have become cashless because of the virus, or plan to do so.

Experts have warned that a 5-year decline in cash use that is expected to occur in five years may now occur.

The letter from the MPs adds: “For many, cash is a lifeline and an important budgeting tool, especially for the hundreds of thousands of vulnerable people who depend on it to live their daily lives.

“Covid-19 has emphasized the importance of cash, especially for those who need others to buy food on their behalf, whether they are elderly, vulnerable or self-isolating.”

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