LONDON, May 19 — The UK government on Wednesday said it would legally guarantee access to cash as banks increasingly shut branches in the digital...
The UK government on Wednesday said it would legally guarantee access to cash as banks increasingly shut branches in the digital age.
"Millions of people across the UK will benefit from new legislation to protect access to cash," the Treasury said in a statement. Under the legislation, the Financial Conduct Authority regulator"will be granted new powers" over Britain's biggest lenders to"ensure that cash withdrawal and deposit facilities are available in communities across the country".Noting that vulnerable groups in particular still relied on cash, Economic Secretary John Glen added:
"I want to make sure that people are still able to use cash as part of their daily lives, and it's crucial to ensure that no person nor community across the UK is left behind as we embrace a more digital world." About 5.4 million adults in Britain rely on cash"to a very great or great extent in their daily lives", according to the Treasury.Lloyds on Wednesday announced plans to shut 28 branches, two months after revealing it would permanently close 60 other sites.British consumer group Which? predicts about 5,000 UK bank branches, around half the total, will have disappeared between 2015 and 2022, with Scotland worst affected.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK food price inflation could hit 10pc this year, says M&S chairman | Malay MailLONDON, May 17 — Food price inflation in Britain could hit 10 per cent this year, the chairman of upmarket retailer Marks & Spencer, said today. “It wouldn’t be surprising to see food price inflation over the course of the year running towards 8-10 per cent,” Archie Norman told BBC...
Read more »
UK inflation rockets to 40-year peak, sparking calls for actionLONDON, May 19 — Britain&039;s inflation rate has surged to a 40-year high on soaring energy costs, official data showed Wednesday, sparking calls for an emergency government...
Read more »
Blackpool’s Daniels ends 32-year wait for gay UK male footballer to come out | Malay MailLONDON, May 17 — Blackpool teenager Jake Daniels’ decision to come out as the first gay professional footballer in the UK men’s game in more than 30 years was heralded as a historic moment yesterday. The 17-year-old forward made the announcement in a statement on the Championship club’s...
Read more »
Zuraida: Malaysia is ready to work with the US, UK on timber shortage | Malay MailKUALA LUMPUR, May 18 ― Malaysia is prepared to work closely with the United States (US) and the United Kingdom (UK) to address the shortage of timber and timber products faced by the two countries. Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said this can be done by...
Read more »