Latest news with #VictoriaCleland
Irish Daily Mirror
11 hours ago
- Business
- Irish Daily Mirror
Warning to 'hoard physical cash' as panic grows over 'money under the mattress'
A warning has been issued to UK households this week to "hoard physical cash" as concerns grow over economic instability and the potential for shortages to accessible money. This comes just weeks after the Irish Government passed new landmark legislation to safeguard public access to cash services. Under The Finance (Provision of Access to Cash Infrastructure) Bill 2024, Ireland will now guarantee: Retail banks must maintain adequate cash access The Central Bank of Ireland will monitor and enforce compliance, with powers to address local shortages Cash-in-transit providers and ATM operators to be regulated to ensure high service standards. The move follows recommendations from Ireland's 2022 Retail Banking Review and is aimed at protecting vulnerable groups, rural communities and small businesses that rely on cash. While digital payments are increasing, cash remains a key part of Ireland's economy. Minister for Finance Paschal Donohoe said: "Cash remains a preferred form of payment and continues to play an important role in our economy. [This bill] will put in place a framework that will ensure sufficient and effective access to cash infrastructure is available in the State, and that any further evolution of the cash infrastructure will be managed in a fair, orderly, transparent and equitable manner for all stakeholders." Meanwhile, across the Irish Sea, the Bank of England has seen a surge in demand for banknotes, as people turn to cash during times of uncertainty. Bank of England's chief cashier Victoria Cleland said that households are seeking a safety net during this period of global volatility, noting that the Bank had seen a significant rise in the number of banknotes in circulation in recent months. Victoria said: "At a time of uncertainty, at a time of crisis, people do move to cash. They want to make sure they have literally got something under the mattress. Even in the UK, there will be times where networks are down and you can only be paying in cash." She added that consumers want cash "to be there but they're not necessarily using it". Support for keeping cash strong is also echoed in Ireland. According to a 2022 study by the European Central Bank, 64% of Irish consumers said having the option to pay with cash is either very or fairly important - the joint highest figure recorded across the eurozone.
Daily Mirror
16 hours ago
- Business
- Daily Mirror
UK households rush to 'hold physical cash' as warning issued to millions
Households are seeking a safety net in time of global volatility, according to the Bank of England's chief cashier UK households have been issued a warning to "hoard physical cash" as Brits scramble to respond amidst economic uncertainty and fear of shortages. According to the Bank of England's chief cashier, households are seeking a safety net during this period of global volatility. Victoria Cleland stated on Tuesday that UK households were creating a cash contingency fund, similar to their actions during the Covid and cost of living crises. She noted that the Bank had observed a significant rise in the number of banknotes in circulation in recent months. "At a time of uncertainty, at a time of crisis, people do move to cash. They want to make sure they have literally got something under the mattress," said Ms Cleland. "Even in the UK, there will be times where networks are down and you can only be paying in cash." Cleland mentioned that consumers want cash "to be there but they're not necessarily using it". Last year, Ron Delnevo, chair of the Payment Choice Alliance, which advocates for the long-term future of cash services, declared it was "completely unacceptable" that some shops were refusing cash. "The vast majority of the public want cash to be honoured as a payment," he stated. "These businesses are letting down the public." Kate Osborne, the Labour Party MP for Jarrow and Gateshead East, who has signed the early day motion, expressed: "It is a fundamental right that people should be able to use cash as a legal tender. "When you are trying to budget, particularly if you are on a low income, cash is a simple way of doing it. I understand that many people are not using cash much of the time, but there should be choice for all. "We are seeing more and more retailers offering card-only payments, and it causes problems in constituencies like mine where we've got a high number of people who are digitally excluded or may choose not to do electronic banking." The Bank of England has suggested that in the coming years, alternative digital payment methods will likely become increasingly accepted and utilised, reports Birmingham Live. In 2017, debit cards surpassed cash as the most frequently used payment method in the UK.
Wales Online
17 hours ago
- Business
- Wales Online
Why millions in the UK are stashing cash ‘under the mattress' again
Why millions in the UK are stashing cash 'under the mattress' again There is more cash than normal in circulation right now according to the Bank of England and this is the reason why People are said to be hoarding cash in the UK (Image: PA ) Households across the UK are said to have been hoarding physical cash amidst escalating economic uncertainty and worries over power outages. The Bank of England's chief cashier, Victoria Cleland, has observed a surge in people creating a financial buffer, just as they did during the Covid and cost-of-living crises. She revealed that there had been a noticeable climb in the amount of banknotes in circulation recently. She said: "At a time of uncertainty, at a time of crisis, people do move to cash. They want to make sure they have literally got something under the mattress." Cleland pointed out that even in the UK, there could be situations where payment networks failed, and cash was the only solution. Nevertheless, Cleland noted that while consumers desired the availability of cash, it was not always actively used by them. Payment methods other than cash are likely to be used more over the years, according to the Bank of England (Image: KALA STUDIO via Getty Images ) "Even in the UK, there will be times where networks are down and you can only be paying in cash," said Cleland, adding that people wanted cash "to be there but they're not necessarily using it". For money-saving tips, sign up to our Money newsletter here Article continues below Last year Ron Delnevo, chair of the Payment Choice Alliance, a campaign group that works for the long-term future of cash services, was critical of retailers refusing cash payments, reports Birmingham Live. Delnevo said it was "completely unacceptable" that certain stores were rejecting cash. "The vast majority of the public want cash to be honoured as a payment," he declared. "These businesses are letting down the public." Labour MP for Jarrow and Gateshead East, Kate Osborne, who backed an early day motion, emphasised: "It is a fundamental right that people should be able to use cash as a legal tender. "When you are trying to budget, particularly if you are on a low income, cash is a simple way of doing it. "I understand that many people are not using cash much of the time, but there should be choice for all. "We are seeing more and more retailers offering card-only payments, and it causes problems in constituencies like mine where we've got a high number of people who are digitally excluded or may choose not to do electronic banking." In the coming years, the Bank of England has suggested that alternative digital payment methods will likely become increasingly accepted and utilised. Indeed, as early as 2017, debit cards surpassed cash as the most frequently used payment method in the UK. Article continues below
The Guardian
2 days ago
- Business
- The Guardian
Tell us: have your saving habits changed due to economic uncertainty?
UK households are increasingly setting aside physical cash amid extreme economic uncertainty and to provide a safety net for possible banking system outages such as the recent one in Spain, according to the Bank of England's chief cashier. Victoria Cleland said on Tuesday that the Bank had tracked a significant increase in the number of banknotes in circulation in recent months, continuing a rising trend since 2022. We would like to hear from people who are setting aside more cash. Have you started a contingency pot? How have your habits changed over time? You can tell us about your cash habits using this form. Please share your story if you are 18 or over, anonymously if you wish. For more information, please see our terms of service and privacy policy. Your responses, which can be anonymous, are secure as the form is encrypted and only the Guardian has access to your contributions. We will only use the data you provide us for the purpose of the feature and we will delete any personal data when we no longer require it for this purpose. For true anonymity please use our SecureDrop service instead. If you're having trouble using the form, click here. Read terms of service here and privacy policy here.
Yahoo
2 days ago
- Business
- Yahoo
Britons ‘hoarding cash amid economic uncertainty and fear of outages'
Britons are hoarding physical cash amid extreme economic uncertainty and to provide a safety net for possible banking system outages such as the recent one in Spain, according to the Bank of England's chief cashier. Victoria Cleland said on Tuesday that UK households were building a cash contingency pot, much as they did during the Covid and cost of living crises. She said the Bank had tracked a significant increase in the number of banknotes in circulation in recent months, continuing a rising trend since 2022, at a time when the volume of cash transactions has 'gone down significantly'. In comments at the Cash in the UK conference, Cleland said cash hoarding suggested households were responding to a more volatile global backdrop after the pandemic, the war in Ukraine and the trade uncertainty sparked by Donald Trump's tariffs, Bloomberg reported. Data collected by the Bank suggests the value of banknotes in circulation has jumped 23% since before the pandemic, even at a time when the use of cash has dropped. UK Finance data shows cash was used in just over half of all transactions in 2013 but this had collapsed to 12% by 2023 after a 7% year-on-year fall in the use of cash. However, in the past couple of years high-street banks and building societies have reported a strong rise in demand from customers for cash. Earlier this year Nationwide said it had seen a 10% increase in ATM withdrawals in 2024 from 2023. Britain's biggest building society said many of its customers were using cash to help them with weekly budgeting during the period of high inflation. Consumers in Spain and Portugal also turned to cash to buy goods during the power outage in late April that knocked out bank and payment systems, while cyber-attacks on UK businesses and organisations in recent months have undermined faith in electronic transactions. 'At a time of uncertainty, at a time of crisis, people do move to cash. They want to make sure they have literally got something under the mattress,' Cleland said. 'Even in the UK, there will be times where networks are down and you can only be paying in cash.' Cash began to decline as the favourite form of money in 2014 and by 2017 Bank of England data shows debit cards had overtaken cash as the most frequently used payment method. The trend began to reverse in 2022 as inflation began to rise after Russia's invasion of Ukraine. The refusal of many shops to accept notes and coins have prompted campaigners and politicians to call for a law forcing force retailers to accept them. Cleland said that consumers want cash 'to be there but they're not necessarily using it'. She added that households in financial difficulties also used it for budgeting, with reports of increased use among those hit hard by high inflation. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
