On Monday 26th June, Selaine Saxby, MP for North Devon, voted for the Conservative Government’s plans to ensure free access to cash for millions of people. The move will mean that the most vulnerable in society can continue to withdraw and deposit cash for free.
The Financial Services and Markets Bill, which passed one of its final hurdles in the House of Commons, 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 Government Minister responsible for the Bill, Andrew Griffith MP, said:
“Whilst speed, and convenience of digital payments opens a world of opportunity for people and businesses, the reality is that so many still depend upon access to cash, particularly our most vulnerable.”
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 introduced changes to support the widespread offering of cashback without a purchase by shops and businesses.
Selaine Saxby, MP for North Devon, said:
“Many people in North Devon rely on free withdrawals and deposits of cash on the high street. That’s why I welcome the Government’s action to ensure free access to cash in the future.
I know that this guarantee will be important for the elderly and most vulnerable in our community who frequently use cash as their choice of payment.”
During the passing of the Bill a commitment was made to create a taskforce to tackle the financing of illegal deforestation by companies operating in the UK. The taskforce will drive forward action and support the development of clear due diligence standards and builds on the ground breaking Environment Act 2021.
Selaine Saxby, MP for North Devon, said:
“I welcome the creation of a taskforce to ensure that British companies are undertaking suitable actions to prevent the financing of illegal deforestation abroad. Forests, especially old forests are amongst our world’s best carbon sinks and home to many diverse species and we need to protect these precious natural resources.”
