Powys MP Fay Jones welcomes free access to cash move

MP for Brecon and Radnorshire, Fay Jones welcomed the UK Government’s move which will mean that all, including the most vulnerable in society, can continue to withdraw and deposit cash for free.

The amendment to the Financial Services and Markets Bill, which is making its way through Parliament, means that the financial services regulator will have the legal power to preserve access to cash – free to consumers at the point of withdrawal or deposit - for those who need it.

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“Many people in Brecon and Radnorshire rely on free withdrawals and deposits of cash in our towns and villages,” said Ms Jones.

“The ability to make deposits will be vital for the elderly and most vulnerable in our community who frequently use cash as their choice of payment, as well as to small businesses and their ability to take cash.

“That’s why I welcome the Government’s move to ensure free access to cash well into the future. This could not come at a better time for Brecon and Radnorshire given recent announcements of branch closures in Brecon and Ystradgynlais.”

The amendment is the latest move taken by the Government to try and protect access to cash over recent years – including changes in 2021 to support the widespread offering of cashback without a purchase by shops and businesses turning every corner shop into a potential cash dispenser.

In a statement, Ms Jones said that she hopes these steps will help consolidate the accessibility of cash, “which is especially crucial in a rural constituency like Brecon and Radnorshire, where cash points can be many miles apart”.