Cash is expected to make a comeback over the anniversary weekend as Brits are set to withdraw nearly £2billion to celebrate.
Donors will withdraw 25 percent more cash than the same week last year ahead of the street fair and celebrations, according to ATM Network Link.
The figures contradict a trend of declining cash use in the UK, accelerated by the Covid pandemic over the past two years.
Link’s Graham Mott said: “This year there is a real sense of anticipation and excitement as people unfurl the flags and pennants, bake an anniversary cake, plan their local street party or just hit the pub.
“It looks like HM The Queen is going to pull us out again to spend cash. For occasions like this, there is certainly no substitute for banknotes and coins. Cash is certainly not dead.”
In recent months, experts have warned that the cost of living crisis for vulnerable shoppers has been exacerbated by the declining availability of free ATMs and bank branches.
Around a quarter of UK citizens, or 15 million people, regularly use cash to keep track of their spending, according to consumer group Which?
Another six million people who do not use cash regularly said they use notes and coins more frequently when the cost of living deteriorates.
But more than half a million people are left without access to banking services after half of Britain’s branches and almost a quarter of its free ATMs have closed over the past two years.
https://www.telegraph.co.uk/money/consumer-affairs/britons-withdraw-2bn-cash-ahead-queens-jubilee-weekend/ Britons to withdraw £2bn cash ahead of Queen’s Jubilee weekend