Queen's Speech Announces New Cash Law
The Queen’s Speech—an annual event in the UK that outlines government priorities for the coming year—has announced the Financial Services and Markets Bill, which includes provisions to protect access to cash.
Taking place on Tuesday as part of the State Opening of Parliament ceremony, the speech introduced legislation recognising ‘cash remains an important payment methods for millions of people’ and reinforcing the government’s commitment to preserving it. Among other measures reforming UK financial services, the forthcoming Bill seeks to ensure ‘continued access to withdrawal and deposit facilities across the UK.’
The Bill comes in response to continued closures of bank branches, which have been highlighted as a particular problem for rural communities that already have limited access to banking and cash facilities. Some progress has been made, such as new ATMs opening across Scotland and Post Office branches across the country pledging to provide cash services until at least 2026, and the new Bill is expected to augment this with greater support for cash infrastructure.
Details of the precise nature of this support will be available when the Bill is formally introduced, with no date for this currently given.