UK sleepwalking into cashless future, union warns

The UK's cash infrastructure is facing a death spiral, according to the GMB union.

The collapse of this industry could have a terrible impact on the elderly and most vulnerable and wreak havoc on a whole host of businesses that rely on cash transactions, it argues.

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It made the comments following the announcement of 312 redundancies at cash-in-transit security and ATM servicing venture Loomis. The company provides service to thousands of Tesco ATMs and stores across the UK.

This came after G4S announced a restructure that would put 1,150 jobs at risk – most among cash handlers following reductions in use of notes and coins during the coronavirus pandemic and associated lockdown

Roger Jenkins, GMB National Officer, says: “There is a real risk of the UK sleepwalking into a cashless society. The lesson from other countries who are belatedly trying to put the brakes on is that the damage, once done is difficult to undo."

“Once the heart has been ripped out of the cash industry, cash registers have been removed and ATMs are mothballed, a vital lifeline has been cut. GMB is calling on the government to take action to protect the industry and all those who will be hit hard by the removal by stealth of access to cash.”