BUSINESS IN
CASH
Post Office data highlights recovery in the use of cash
The figures show cash deposits and withdrawals amounted to £2.9bn in January – £1bn more than a year ago.
P
ost office cash deposits were up almost 50% in January compared with a year ago, new data reveals. The figures show business and personal cash deposits totalled £2.24bn in January compared to £1.51bn a year ago. Business cash deposits were up over 70% compared with last year, but this January (£995m) was the first-time business cash deposits had dipped below £1bn since June 2021. Meanwhile, personal cash deposits were steady at £1.24bn in January, compared with £1.27bn in December. In total, cash deposits and withdrawals amounted to £2.9bn in January – £1bn
more than January 2021 when the UK was in lockdown, highlighting a recovery in the use of cash and continued economic recovery from lockdown last year. Personal cash withdrawals were up over 36% year-on-year with £630m withdrawn at Post Offices in January. Martin Kearsley, Banking Director at Post Office, said: “Our figures show the significant recovery cash use has made since the country was in a full lockdown a year ago. The vast majority of businesses have been able to trade uninterrupted in January and rely on their Post Office which is open long hours to deposit their cash takings.
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“Cash withdrawals are always lower in January and we’re closely monitoring whether the focus on the cost of living could see consumers reduce the amount of cash they’re spending. People who are budgeting can always withdraw the amount of cash they need to the penny at our branches thanks to our agreement with 30 UK banks and building society brands.” Kearsley added: “Post Offices play a vital role in supporting consumers with cash and this is emphasised by our announcement last week that the agreement has been extended for a further three years.”
