Sykes welcomes measures to protect “free and fair access to cash for all”

Oldham Liberal Democrat Leader and Shaw representative councillor Howard Sykes MBE has welcomed new laws that could protect free access to cash for all.  

Councillor Sykes said, “Free access to cash is vitally important, not just for individuals but also for the businesses on our high streets.  Increasingly, we make more and more cashless transactions.  But we can’t let cash machines disappear from our streets because people should have the right to access their money with ease, it can be a real lifeline in some cases.” 

Last year, consumer researchers at ‘Which?’ revealed that almost half of the UK’s bank branches had closed since 2015.  In addition, a further 12,178 free-to-use cash machines had also vanished since 2018.  But new laws announced by the government this year under the Financial Services and Markets Bill will now offer real protections to cash machines whilst also guaranteeing that people can withdraw and deposit their cash for free. 

Councillor Sykes said, “I fully welcome and support this aspect of the Government’s Bill.  Liberal Democrats have long campaigned for free and fair access to cash.  We have already lost several cash machines in Shaw and Crompton.  We really need to guard against this loss in our community and in the country more widely.” 

The Financial Services and Markets Bill is currently passing through the House of Lords and is expected to pass into UK law later this year.