The use of cash has been increasing for the second year in a row in the UK, with cash being used in 19.9% of all transactions in 2023, up from 18.8% the previous year. This comes amid concerns that some businesses are refusing to accept cash payments, leading to worries that vulnerable individuals are being excluded from making purchases. The rise in cash usage has been attributed to the cost-of-living crisis, with many finding it easier to budget their expenses with physical cash. The Treasury Select Committee is investigating whether businesses should be required to accept cash to ensure inclusivity and accessibility for all consumers.
There are concerns that cash-only businesses, such as nail bars and car washes, may be contributing to issues like modern slavery and illegal immigration. The director general of immigration enforcement at the Home Office highlighted that some businesses reject card payments to hide illegal working practices. Victims and survivors of economic and domestic abuse have also emphasized the importance of physical cash as a means to escape abusers, who may track them through bank accounts. Additionally, there are worries about council car parks that only accept payments through unreliable phone apps, leading to difficulties for older individuals and those without access to smartphones.
The debate on whether businesses should be obligated to accept cash is ongoing, with arguments from various perspectives. While some argue that businesses should have the autonomy to make their own decisions, others stress the importance of ensuring that physical cash remains a viable payment option for all individuals. Organizations like Mencap have highlighted how people with learning disabilities often use cash to safeguard against card scams, while individuals such as carers and those living with disabilities rely on cash to manage their finances effectively. The government is yet to make a decision on whether rules should be implemented to enforce cash acceptance by businesses.
In other news, a nuclear reactor was recently fitted into Britain’s first nuclear power station in 30 years at Hinkley Point C in Somerset. This development is expected to generate power for three million homes, with the project set to start generating power in 2029. The delayed start has raised concerns about Britain’s energy security, prompting companies like EDF and Centrica to keep aging nuclear power stations operational to mitigate blackout risks. The installation of the reactor underscores the importance of diversified power generation to ensure a reliable energy supply.
Burberry has initiated legal action against B&M in a trademark dispute, alleging that the discount chain was falsely representing its pet items as Burberry branded. The items featured a design similar to Burberry’s iconic check print, prompting the luxury brand to pursue legal action. Additionally, mining giant Rio Tinto is facing pressure from an activist investor to scrap its main London listing and focus on Australia instead. The investor argues that the dual-listed structure has been detrimental to shareholders and urges Rio Tinto to follow in the footsteps of BHP and drop its dual listing.
Auto Trader estimates that Britain has reached “peak petrol,” with the number of petrol cars expected to almost halve over the next decade as electric vehicles become more prevalent. The report predicts a significant shift towards EVs, with the number of electric vehicles expected to increase from 1.25 million to 13.7 million in the next decade. This shift reflects a broader trend towards sustainability and environmental consciousness, with the government aiming to increase the share of EVs on the roads to meet eco-mandates. However, challenges remain in terms of infrastructure and affordability to support the widespread adoption of electric vehicles.
