Treasury Select Committee Investigates Cash Use in Society
The Treasury Select Committee recently launched an inquiry to understand the changing role of cash in the UK. This investigation looks into whether businesses should still be required to accept cash payments and what that means for consumers, especially those who rely on cash in everyday life.
As the world goes more digital, the future of cash becomes an even bigger conversation. Let’s break down the key points of this inquiry and explore how holding physical assets, like gold and silver, offers a way to stay financially secure and in control.
What’s Happening to Cash Use?
With digital payments on the rise, the UK is seeing a drop in cash usage. However, the Committee is considering questions about whether this cash shift in society shift impacts certain groups unfairly and if there’s a need to regulate cash acceptance, including:
- The Current State of Cash: As businesses increasingly go cashless, does this impact accessibility for people who still rely on cash?
- Who Relies on Cash: Some groups—like the elderly, rural communities, and those without easy access to banking services—rely heavily on cash. Making cash obsolete could leave them financially excluded.
- Government Intervention: The Committee is looking at whether there should be rules requiring certain businesses to keep accepting cash to protect these groups.
What Happens if We Go Fully Cashless?
A fully digital currency offers convenience but also gives governments more control over individual finances. Many countries, including the UK, are exploring Central Bank Digital Currencies (CBDCs) that could eventually replace cash. But with digital-only currency, every transaction is traceable, impacting financial privacy and independence.
A cashless economy could mean more visibility for governments into personal spending, making people wonder how they can protect their financial independence.
Gold & Silver: Control Your Wealth, Your Way
For those looking for financial assets outside government control, precious metals like gold and silver are a solid option. Owning gold or silver gives you a physical, private way to hold wealth that doesn’t rely on digital accounts or government records.
- A Tangible Store of Value: Gold and silver have lasting value, and unlike digital money, you own them outright.
- Inflation Protection: Precious metals often perform well when inflation rises, and with inflation forecasted to reach 6% in the UK, having assets like gold can help protect your purchasing power.
- Tax Advantages: Gold in the UK is VAT-free, and some legal tender coins, like Britannia and Sovereign coins, are also free from Capital Gains Tax (CGT).
Read 'Invest in Tangible Wealth with Precious Metals'
Why This Inquiry Matters for Investors
This inquiry isn’t just about cash; it’s about maintaining control over your wealth. For those concerned about the push for a cashless society, investing in physical assets like precious metals offers stability, independence, and a way to hedge against a future where digital money is the norm.
Here to Help
At Bleyer, we’re here to guide you in building a secure financial future. If you’re interested in exploring how gold or silver can work within your portfolio, or if you have questions about investing in physical assets, our team is happy to help.
Call us at 01769 618 618, or email us at sales@bleyer.co.uk, and let us help you make informed decisions about your wealth.
