• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

    May 9, 2025

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»World»UK Will Force Banks to Keep Cash For Public
World

UK Will Force Banks to Keep Cash For Public

August 20, 2023No Comments6 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The government will set unlimited fines for banks that fail to protect access to cash, the Treasury said, in a major move against the march towards a cashless society campaigner Nigel Farage has called a “big win”.

Banks in the United Kingdom will have to provide free-to-access cash withdrawals and deposits within one mile of a person’s home in urban areas and within three miles in rural areas according to new laws and rules being rolled out by the government to protect cash. Yet some pro-cash campaigners point out the change doesn’t go far enough, as retailers are still perfectly entitled to refuse to accept cash as payment.

The announcement comes after months of campaigning against the encroaching cashless society and debanking being led by Brexit’s Nigel Farage, and was announced just hours after Farage and co-signatories delivered a petition to the government demanding cash be protected for decades to come.

Among the new rules are provisions for both people who want to be able to access cash locally to them, and for businesses so they can easily deposit the cash they take from the public with their bank, both intended to keep cash as convenient as possible.

The powers, which are backed up by potentially massive fines to be imposed by the Financial Conduct Authority (FCA) would also prevent banks from closing local branches unless some provision for cash access was arranged for in their place. Bank branch closures have been a major feature of the past decade, moving from a world where most British big banks had a branch in every sizable town to one where long travel to undertake basic banking has become the norm for many, alongside a push towards digital by the banks themselves.

See also  Trader Joe's Recalls 2 Cookie Products That May Contain Rocks

Mr Farage called the news: “Another big win against the banks.”

Debanking: Farage Delivers ‘Don’t Kill Cash’ Petition to Downing Street https://t.co/xJZSh9iyCv

— Breitbart London (@BreitbartLondon) August 18, 2023

Speaking to GB News, the British broadcaster who has been instrumental in the campaign to keep cash in recent weeks, Economic Secretary to the Treasury Andrew Griffith MP said of the announcement: “cash is important, it’s here to stay for the long term. Many people the elderly, the vulnerable, particularly rural communities, do depend on that access to cash.

“And if we want our shops to continue to take cash over the counter, then, of course, those businesses have got to have somewhere to deposit it. So the rules we’re announcing also cover the ability of businesses to deposit cash in a location that this convenient to them”.

The FCA also responded, reports the Daily Telegraph, saying: “these new powers will help ensure access to cash is maintained for many businesses and people who continue to rely on it.

“In the autumn we will consult on new rules that will require banks to maintain reasonable access to cash… We look forward to the Government outlining which firms our new access to cash rules will apply to inform this vital work.”

Yet for cash campaigners, the new rules may not go far enough. Indeed, what was announced last night seems to not differ meaningfully from what the government was already discussing earlier this year, meaning the Conservatives may be trying to ride on the coat-tails of the popularity of Farage’s campaign, rather than truly reacting to the shocking revelations and introducing all-new changes.

‘Establishment Stitch-Up’ — Farage Accuses Banks and Regulators of Slow-Walking Debanking Investigationhttps://t.co/X0pFEon4nT

— Breitbart London (@BreitbartLondon) August 13, 2023

Shaun Bailey, the one-time Conservative candidate for the Mayor of London underlined one of the key weaknesses in the move, which is it does nothing to stem the considerable growth in businesses that simply refuse to accept cash, insisting on digital payment instead. Under the present system, they are legally entitled to do this. Bailey said: “there’s no point you having cash if businesses don’t have to legally accept that cash. So I think they should accept cash as a legal tender to 2050 and beyond. That would make the crucial difference”.

See also  UK's Rishi Sunak and France's Macron To Discuss Migration And Ukraine

Bailey’s remarks underline the degree to which the government’s new strategy on cash hasn’t actually appreciably changed this year, despite it being keen to be seen to be responding to the major problems brought to wider attention by the Keep Cash campaign and Mr Farage’s activism on debanking. Indeed, announcement minister Griffith was actually saying in March of this year of the cashless society: “Whilst this is an emerging issue and something we contemplate for the future, this isn’t perhaps such a prevalent issue today… I want to be clear, it is not the government’s position… that we will mandate cash acceptance on retailers or public services”.

There is no indication in the latest announcement this position has changed. As things stand, there are plentiful restrictions on ways in which individuals can spend their money, and how businesses can refuse to accept your preferred payment method if they don’t want the inconvenience of having to deal with your cash. The Bank of England’s own rundown on the definition of legal tender explains:

A shop owner can choose what payment they accept. If you want to pay for a pack of gum with a £50 note, it’s perfectly legal to turn you down. Likewise for all other banknotes, it’s a matter of discretion. If your local corner shop decided to only accept payments in Pokémon cards that would be within their right too. But they’d probably lose customers.

…There are also some restrictions when using small coins. For example, 1p and 2p coins only count as legal tender for any amount up to 20p.

Many common and safe payment methods such as cheques, debit cards and contactless aren’t legal tender.

Farage’s petition aims to challenge this idea, albeit with what may be called a folk, commonly-held understanding of what ‘legal tender’ is, rather than an economist’s narrow and technical definition. The petition that was delivered to Downing Street on Thursday, and which now has more than 300,000 signatures, reads:

I call on the Government to introduce legislation to protect the status of cash as legal tender and as a widely accepted means of payment in the UK until at least 2050.

Speaking on the petition on Thursday night after his visit to Downing Street, Mr Farage said on the importance of this change: “we want legal tender to remain legal tender and we fear we’re being driven towards a cashless society.”

Remember The Canadian Truckers! Farage Warns Against Debanking, Cashless Society https://t.co/ObkLxo299L

— Breitbart London (@BreitbartLondon) August 10, 2023

banks cash force Public
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Goldman Sachs Scrapping Policy That Said Company Wouldn’t Take Businesses Public That Had All White, Male Boards

February 11, 2025

Right-Leaning Activist Groups Reportedly Putting Heat On Big Banks To Ditch DEI Policies

January 22, 2025

No Evidence Thai Banks Facilitated Myanmar Arms Purchases, Government Says

December 31, 2024

Biden-Harris Admin Airdropping Taxpayer Cash, Tax Credits For Manufacturing In Michigan As Election Nears

October 22, 2024
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Sumo Wrestler Group Deemed Too Heavy to Fly, Airline Books Extra Flight

October 17, 2023

Public Health Messaging Must Improve To Counter Vaccine Misinformation

October 6, 2023

Biden tries to claim economic victory — but the hard data fact-checks him: ‘That’s Bidenomics’

July 17, 2023

Man Linked To Viral Dress Photo Faces Attempted Murder Charge

July 15, 2023
Don't Miss

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

Business May 9, 2025

The United States has “not a huge amount of time” before China reaches parity or…

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,111)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Understanding And Easing Separation Anxiety In Cats

March 19, 2025

What percentage of Little League players have made the MLB? Exploring the tough nature of making it to the big leagues

August 20, 2023

Soap Opera Icon Andrea Evans Dead at 66 from Cancer

July 12, 2023
Popular Posts

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.