Treasury Minister Is Incorrect About Cash
Friday 27th April 2018
In today's Daily Telegraph there is a report that the Treasury Secretary, Robert Jenrick says the future of cash is safe. He claims though the use of cash is declining, it is vital for vulnerable people and those living in rural areas.
In fact, the opposite it is true. Banks are closing in rural areas and there are fewer ATMs because we now have many new, secure payment systems to suit everyone including disadvantaged people.
Cash is the currency of tax cheats and crime. Vulnerable people are very often the victims of crime.
A cashless UK will see a huge boost in the economy with more people paying tax as opposed to evading tax by the illicit use of cash. There will be a huge decrease in crime in a cashless society and the UK will be at least £20 billion a year better off without cash in our lives. This means our essential public services could have additional funding which will help vulnerable people.
Cash is no longer sustainable and no longer needed. A cashless UK will be a better and fairer society with far less crime and dramatically more people paying their fair share of tax.