Press release -
Post Office welcomes access to cash announcement in Queen's Speech
Welcoming the announcement in the Queen’s Speech that the Government will bring forward legislation that will protect people’s access to cash, Nick Read, Chief Executive at the Post Office, said:
“In many places across the country, Postmasters already operate the last counter in town. We launched our “Save Our Cash” campaign last year precisely because millions of people and businesses rely on the ability to use and deposit cash daily. In the middle of a cost of living crisis, many more people will choose to control their household budgets by spending only what they physically have in their hands.
“We’re pleased the Government has taken on board the main thrust of our recommendation to help guarantee access to cash, particularly in ensuring that the legislation addresses both deposits and withdrawals. We look forward to seeing further details when the Bill is introduced. Two years after the legislation was first promised, there is no time to waste.”
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About the Post Office
- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
- Post Office is simplifying its proposition for Postmasters with a focus on itscash and banking; mails and parcels; foreign exchange; andbill paymentsservices.
- Researchhas found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
- 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
