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Queen’s Speech promises to protect those who rely on cash

Access to cash has become increasingly important in recent months amid the cost of living crisis, experts warn. Around a quarter of Britain’s citizens, or 15 million people, use it, according to a survey by consumer group which? cash regularly to keep track of their spending.

A fifth of consumers who don’t use cash regularly, a further 6 million people, said they are now considering using notes and coins more frequently to ensure they don’t overspend.

Natalie Ceeney, Chair of Access to Cash Review, said: “Today’s announcement of cash protection legislation is a big step forward. I applaud the government for this commitment to supporting some of the most vulnerable people in society, as well as small businesses.

“We owe it to the public, small businesses and the communities in which they live to enforce this and put the legislation in the statute book.”

The Financial Services and Markets Act, which will apply nationwide, will also help protect people from fraud, with additional safeguards for those investing or using financial products. It will stand alongside the White Collar Crime and Corporate Transparency Act, which will crack down on money laundering and create powers to seize and recover crypto assets faster and easier.

https://www.telegraph.co.uk/money/consumer-affairs/queens-speech-promises-protect-rely-cash/ Queen’s Speech promises to protect those who rely on cash

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