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Epoch Times
30-04-2025
- Business
- Epoch Times
Public Should Hold on to Cash in Case of Cyber Attacks or Power Outages: Treasury Committee
The public should be advised to keep cash on hand in case of cyber attacks or system outages, MPs have told the Treasury. Members of the Treasury Committee MPs continued, 'This may include recommending that cash is held by individuals in case of emergency, and considering what role cash distribution might play in a severe payment systems outage.' The committee cited the National Risk Register which notes that the UK's financial systems are vulnerable to risks, specifically a 'malicious cyberattack by a state actor' or 'non-malicious technological failure.' They concluded that owing to these risks and other potential failures in a retail bank's digital supply chain, 'physical cash has a vital role to play as a payment method that is independent, that is backed by the UK government, and that can be used as an analogue payment method when digital ones fail.' National Resilience The recommendations form part of a report into cash acceptance in the UK, amid recent trends showing a major decline in the use of physical currency. UK Finance, a financial services lobby group, has Related Stories 2/14/2025 1/31/2025 The committee also considered international examples where governments have assessed the role of cash. MPs cited Sweden, which was explicitly planning to minimise physical cash and move towards a more cashless society. But the Scandinavian country reversed that decision, in part because of the importance of cash for civil resilience. In November 2024, Sweden issued in its In an interview with The Epoch Times earlier this year, Andy Farnell, director of research and education at Boudica Cybersecurity, Farnell explained that cash can help sustain public confidence during the critical two- to five-day window following a disruption, such as a system outage. 'The ability to self-manage trade through formal or informal cash is vital for civil order,' he said. A branch of Lloyds Bank in the City of London, England, on Oct. 20, 2014. Stefan Rousseau/PA Wire Mandating Cash The Treasury Committee also warned that there was a risk of a 'two-tier society' forming if cash acceptance declines. The committee said it spoke to several charities representing vulnerable groups—such as the elderly, those with learning disabilities, and survivors of economic abuse—who rely on cash and whose lives are impacted when cash is refused as a payment method. Charities also told MPs that local government is increasingly becoming cashless, including at council-run car parks and leisure centres. Witnesses had highlighted public transport is also a space where cash acceptance has become less common. The report said, 'There may come a time in the future where it becomes necessary for HM Treasury to mandate cash acceptance if appropriate safeguards have not been implemented for those who need physical cash, and the level of cash acceptance begins to lead to widespread detriment.' 'Sleepwalking' Into a Cashless Society Treasury Committee Chairwoman Dame Meg Hillier MP 'We are at risk of a two-tier society where the most vulnerable bear the brunt and this needs to be a wakeup call,' Hillier said. She added: 'As a society, we must avoid sleepwalking into a situation where cash is no longer widely accepted. This is the beginning, not the end, of our scrutiny of this issue. The Government needs to take this seriously.' Responding to the report, a Treasury spokesperson said: 'Cash continues to be used by millions of people across the UK and we are working with the banks to roll out 350 hubs by the end of this Parliament so that people and businesses in areas that have lost local bank branches still have access to it. 'We welcome businesses who do want to continue accepting cash and PA Media contributed to this report.
BBC News
29-03-2025
- General
- BBC News
Humberside Fire and Rescue donates kit for convoy to Ukraine
Humberside Fire and Rescue has donated more than 700 pieces of equipment to a convoy taking vehicles and kit to firefighters in UK fire and rescue service convoy will set off next month to deliver 30 fire and rescue vehicles and more than 15,000 bots of Chief Fire Officer Phil Shillito said he was "enormously proud" to have contributed to the national convoy is the eight such trip since the Russian invasion in 2022. The Fire Industry Association said the equipment was vital to replace the resources lost during the of 17 February, it said Ukrainian fire services had lost 1,700 vehicles, 411 fire stations had been destroyed and 100 firefighters had been convoy has been by organised fire and rescue services across the UK, in partnership with the government, National Resilience, UK International Search and Rescue, Fire Aid, the National Fire Chiefs Council and the Fire Industry fire engines have been donated, and a team of 100 volunteers will take kit such as such as hoses, PPE and road accident equipment. Mr Shillito said: "I'm enormously proud that we are part of a national effort for the people of Ukraine and their firefighters, and other emergency services who risk their lives to help protect the communities they serve."Vitalii Myroniuk from the State Emergency Service of Ukraine, said: "Every Ukrainian rescuer works tirelessly to safeguard our statehood and our nation. And we are able to endure thanks to our British friends, who share our common values of freedom and the rule of law."Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
