Alicia Kearns, Conservative MP for Rutland and Melton, has welcomed the promise from central Government of access to cash.

With the closure of Oakham's banks, starting with Lloyds during the pandemic, and stretching to Barclays and soon HSBC, Oakham residents are running out of locations to access banking facilities, including cash points.

Read more about these bank closures here.

While a banking hub is in the works, residents have been sharing their concerns about access to cash with their MP, local councillors and on social media.

However, today, Friday 26 May, MP Alicia Kearns has welcomes a change to ensure free access to cash locally and nationwide.

The Government's amendment to the Financial Services and Markets Bill, which is making its way through Parliament, will ensure a legal right of free access to cash for millions of people. 

Oakham's Barclays closed earlier this year. Image credit: Nub News.

The amendment means that the financial services regulator will have the legal power to preserve access to cash – free to consumers at the point of withdrawal or deposit – for those who need it. 

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This will mean that all, including the most vulnerable in society, can continue to withdraw and deposit cash for free. 

The Government Minister responsible for the Bill, Andrew Griffith MP, said that 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 the elderly or those who use cash to manage their finances. This is the case especially in rural areas like communities in Rutland and Melton. 

Alicia Kearns MP, Member of Parliament for Rutland and Melton said: "I welcome the Government's amendment to ensure free access to cash in the future. So many members of our communities continue to rely on free withdrawals and deposits of cash on the high street. 

"In particular, the ability to make deposits is so important to support small businesses own ability to continue to take cash. I know that this change will also be important for the elderly and most vulnerable in our community who frequently use cash as their choice of payment." 

Oakham's HSBC celebrated their 150th birthday just months before the closure of the local branch was announced. Image credit: HSBC Oakham.

The amendment follows action taken by the Government to protect access to cash over recent years – including changes in 2021 to support the widespread offering of cashback without a purchase by shops and businesses turning every corner shop into a potential cash dispenser.