Britons Get to Keep Their Copper Coins

London England. A Bank of England report has suggested that a withdrawal of coppers would have no significant impact on prices

London England. A Bank of England report has suggested that a withdrawal of coppers would have no significant impact on prices

The Government has also confirmed that earlier plans to scrap low denomination 1p and 2p coins have been abandoned, saying that it has no plans to alter the current make up of United Kingdom coins and notes in circulation.

While acknowledging that technology has "transformed banking for millions of people", Mr Hammond will emphasise that it is "also clear that many people still rely on cash".

The future of cash will be protected under plans, which will ensure the British public continues to have choice over how they spend their money.

As well as establishing the new joint authorities cash strategy group (JACS), the Treasury says it will support the Bank of England's work to develop a new wholesale cash distribution system to ensure cash is being distributed as needed across the country.

The future of pennies clouded the bigger picture of the future of cash in general, according to former financial ombudsman Natalie Ceeney, the author of the Access to Cash Review.

With 2.2 million adults in the United Kingdom reliant on cash for everyday transactions, the Chancellor has vowed to protect all coins and notes.

The ongoing removal of bank branches and ATMs from Britain's high streets has led to a rowdy debate about the consequences for a disenfranchised segment of the populace - estimated to comprise eight million individuals - who would struggle to cope in a cashless society.

During his speech the Chancellor will also reiterate that there will be no changes to current coins and notes, with all denominations - from the penny to the £50 note - staying in circulation.

In 2017, debit card use - driven by contactless payments - overtook the number of payments made in cash in the United Kingdom for the first time.

Chancellor Philip Hammond on Friday announced plans to set up a new group that will safeguard access to cash for Brits.

"I'm delighted to see the Government taking a leadership role on this critical issue, and look forward to seeing action as a result".

Link has also recently implemented new "super premiums" to further safeguard free-to-use ATMs in remote and deprived areas.

The commitment to cash comes amid warnings that the UK's cash infrastructure is on the brink of collapse.

But some people have yet to make the transition to digital payments.

Mike Cherry, the national chairman of the Federation for Small Businesses, welcomed this move.

"We called for the appointment of an expert group dedicated to protecting free access to cash and that's exactly what is now being delivered. For many, being able to charge prices that end in 99p rather than a round pound figure can be enough to tip intrigue into a sale, particularly where lower-value items are concerned".

Treasury Committee chair Nicky Morgan said the Government must ensure that the new group follows the recommendations of the review.