Record cash withdrawals in the UK – fighting inflation

The World Economic Forum (WEF) is pushing hard for the introduction of a “cashless society” in the post-pandemic world. However, despite the efforts, the material money certainly returned to one European country. In the UK, consumers are increasingly using bank notes and coins to balance household budgets amid an inflationary storm.

The British Post Office posted one on Monday Reportwhich showed that while the use of cards and digital payments on smartphones has increased recently, the demand for cash has soared this summer.

A new record in the history of the British Post Office

UK post offices handled £801m of in-person cash withdrawals in July, up 8% from June. From the monthly growth, only the annual change is the most exciting. £665m was exceeded in July 2021 by 20% in July this year. A total of £3.31 billion of cash was deposited and withdrawn from the UK Post’s 11,500 branches in July. This amount of money is a record in the history of the post office, which has been in operation for more than three centuries.

The report indicated that the increasing demand for physical cash is mainly due to more people managing their budgets using banknotes and coins. Some of the cash withdrawals were from people who needed cash for their holidays in the UK. From now on, about 600,000 cash payments, with a total value of £90m, came from people who received some form of electricity bill support from the government.

According to the Director of the Bank – Martin Kersley, Great Britain “Anything but a cashless society.”

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“We are seeing more and more people relying more and more on the proven method of budget management – ​​cash. Whether it is on holiday in the UK or preparing for the expected financial stresses this autumn, having access to cash is critical in every society” Kersley said.

Inflation and quite a few securities are expected to continue to rise. This is prompting more and more people to turn to cash again to plan their spending,” The Guradian reports.

So much for the World Economic Forum, central banks and big companies around the world cashless societies They want. So much for introducing a hypercentric CBDC dystopia. With physical cash back in vogue in the UK, the transition to a cashless society may be more challenging for the elite than previously thought.

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