Why Doesn’t The Bank of England Consult The Public About Cash?!

This “cash consultation” in New Zealand is notable for several reasons. Firstly, that it has happened at all.

The Reserve Bank of New Zealand has shown great respect for both Democracy and the Public Interest by conducting such a consultation.

Unsurprisingly, there have been thousands of responses.

Pro rata to population levels, based on the number of public responses received in New Zealand, the same consultation run by the Bank of England would elicit OVER 80,000 responses.

I suspect the number would be MUCH higher.

A YouGov survey in May this year found that only 10% of UK adults support the country having “cashless” imposed on it - and 72% support a law obliging businesses to accept cash.

Is the Bank of England denying the UK public a consultation because it doesn’t want to hear how positive the UK public feel about cash?

Or could it be that the Bank of England doesn’t want to cross swords with HM Treasury, a government department that has seemingly been pursuing a “cashless” agenda for a number of years.

The colour of ties or scarfs the politicians wear may change - but the HM Treasury negativity about cash does not.

Secondly, whilst the Reserve Bank of New Zealand prefers to work collaboratively with the banks, it is clearly prepared to compel the banks to do what is necessary in the Public Interest.

When would that ever happen in the UK?

There has been far too much collaboration, against the Public Interest.

Finally, the Governor of New Zealand’s Central Bank is Anna Breman, who previously worked at Sveriges riksbank, Swedens Central Bank.

The Riksbank has in recent years taken a strong line AGAINST “cashless”. This includes insisting that bank branches offer counter cash services and backing legislation to compel cash acceptance by businesses.

Why would Anna Breman take a different stance in New Zealand?

Here in the UK, the Payment Choice Alliance is confident that the new Labour Government, with PM Andy Burnham and Chancellor John Healey MP leading the way, will take a strong, positive line on both cash access and cash acceptance.

There is an ideal opportunity to take such a line via the new Financial Services and Markets Bill, which will be back in the House of Commons by October.

It cannot come soon enough….

Source: rbnz.govt.nz/news-and-events/news/2026/08/strong-public-interest-in-cash-consultation