Dr Luke Evans, Member of Parliament for Bosworth, has supported legislation which will help people across Hinckley and Bosworth continue to withdraw and deposit cash for free.
Dr Evans said preserving and protecting access to cash was “particularly important in a rural area like Hinckley and Bosworth.”
Following the recent closure of the HSBC in Market Bosworth, the only bank and ATM in the town, Dr Evans has been urging residents to sign up for a free access to cash review by LINK. The company provide free to use ATMs in areas where access to cash has been eroded, such as Market Bosworth.
The Financial Services and Markets Bill, which has now received Royal Assent, contains a provision which means the financial services regulator will have the power over major banks and building societies to preserve access to cash for those who need it.
The guarantee in the Bill follows action taken by the Government to protect access to cash over recent years – including the Financial Services Act 2021 which introduced changes to support the widespread offering of cashback without a purchase by shops and businesses.
Ten years ago, cash was the most frequently used means of payment in the UK, representing over 20 billion transactions in 2010. According to UK Finance, in 2021 cash remained the second most frequently used payment method in the UK and was used in around 6 billion payments.
Dr Luke Evans, Member of Parliament for Bosworth, said “In rural communities like ours, preserving and protecting access to cash is vital, so I was pleased to support legislation which ensures people across the country can continue to withdraw and deposit cash for free.
“Residents in Market Bosworth have recently both had their only bank and ATM in town removed, leaving elderly and vulnerable members of the community – who use cash as their primary and preferred method of payment – often having to rely on family and neighbours, as the next ATM is miles away.
“I know these changes will be welcomed by many, but more must be done to support areas like Market Bosworth and I will continue to call on LINK to provide an ATM in the town.”
