International Business News – According to a recent report by the US Consumer News and Business Channel (CNBC) website, as the cost of living continues to rise, the amount of cash withdrawals by Britons has also surged. With inflation in the UK expected to surpass 13% in October, cash is becoming the way Britons manage their spending and spend prudently.
According to the report, the UK Post Office, which also has banking business, handled a total of 801 million pounds of personal cash withdrawals in July, a record high record. Cash deposits and withdrawals totalled more than £3.3bn, a record in the Post Office’s 360-year history.
Laura Suter, treasurer of British investment firm AJ Bell, pointed out that the surge in cash use is related to people using cash as a way to organize their budgets. Cash will also be used more for people who are budget-conscious and want to control spending with cash within their reach, she said.
Martin Kearsley, head of banking at the UK Post Office, also said the latest figures showed the UK was “definitely not a cashless society”. He said: “We’re seeing more and more people relying more on cash to manage their budgets. Whether it’s for a domestic holiday in the UK or to prepare for the financial pressures that may come in autumn, the availability of cash in every community is important.”