Cash is becoming scarce. And business would like to be rid of it. From a tax perspective I can share their view. From society's perspective that is harder to justify: too many do not have access to banking.
The Access to Cash Review has reported this morning:
The Access to Cash Review – Final Report calls on the Government, regulators and banks to act now or risk leaving millions behind.
The Review’s action plan to protect cash access calls for:
Government and regulators to step in urgently to ensure cash remains viable
A “Guarantee to Cash Access” for all, including those in remote and rural areas
Those providing essential services to be required to allow consumers to pay by cash
A more efficient, effective and resilient wholesale cash infrastructure to ensure that cash remains viable as its use declines.
So, how can cash work?
And do we need anything bigger than a £10 note?