Legislation to protect free access to cash must be announced today urges Post Office; Figures show over £3 billion handled at branches in April alone

Legislation to protect free access to cash must be announced today urges Post Office; Figures show over £3 billion handled at branches in April alone

New figures today reveal Post Offices handled over £3 billion in cash in April for the second consecutive month, as it urges the Government to bring forward legislation in the Queen’s Speech to protect free access to cash.

Today’s Queen’s Speech comes almost a year since the Post Office launched its ‘Save Our Cash’ campaign demonstrating how vital cash is for millions of people every day. Cash can be deposited and withdrawn securely, over the counter at any of Post Office’s 11,500 branches. This includes withdrawing cash to the penny that is required, supporting millions of people to budget during the challenging economic climate.

In April, £3.14 billion was handled by Post Offices, just slightly below the £3.2 billion handled in March due to the Easter Bank Holidays last month.

Personal cash withdrawals totalled £750 million in April, up 27% year-on-year (£590 million, April 2021), but slightly less than March, down 3.7% (£779 million, March 2022).

Personal cash deposits totalled £1.26 billion in April, up 17% year-on-year (£1.07 billion, April 2021), but slightly less than March, down 4.2% (£1.31 billion, March 2022).

Business cash deposits were up 1.7% month-on-month totalling £1.10 billion in April compared with £1.09 billion in March. Business cash deposits were up over 43% year-on-year (£769 million, April 2021).

Overall Post Offices handled £3.1 billion in cash deposits and withdrawals in April. In March the amount was £3.2 billion. In February, the amount was £2.76 billion and in January, the amount was £2,89 billion. Figures highlight a continued recovery in the use of cash and wider economic recovery from lockdown last year.

Martin Kearsley, Banking Director at Post Office, said:

“The ability to use cash to budget daily, weekly, monthly is a fundamental way of life for millions of people across the country. The Government must, and we would welcome, an announcement in the Queen’s Speech to protect the use and acceptance of cash, providing reassurance for people and businesses across the country who rely on cash to survive.

“Postmasters handling over£3 billion in cash for the second consecutive month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people. This is a difficult period for people with rising bills. People can always withdraw the amount of cash that they need to the penny at any of our 11,500 Post Offices.”

Post Office Cash tracker data – April 2022

Cash deposits value (business & personal)

MOM%

YOY%

Cash withdrawals value (business & personal)

MOM%

YOY%

Total cash deposits & withdrawal value for April 2022

UK[1]

£2.36bn

-1.5%

+28.1%

£776.2m

-3.8%

+26.7%

£3.14bn

England

£1.95bn

-1.5%

+28.0%

£604m

-4.0%

+26.0%

£2.6bn

Scotland

£170.9m

+0.6%

+32.6%

£57.4m

-0.8%

+18.6%

£228m

Wales

£119.5m

-0.2%

+27.9%

£62.7m

-2.6%

+23.3%

£182m

Northern Ireland

£121.3m

-4.9%

+24.8%

£52.1m

-6.1%

+52.7%

£173m

Business cash deposits

Personal cash deposits

Personal cash withdrawals

For further data and analysis, visit https://corporate.postoffice.co.uk/cashtracker

Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK.

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