October 3, 2022

“Anything But A Cashless Society”: Physical Money Makes Comeback As UK Households Fight Inflation

The World Economic Forum (WEF) has been pushing hard for a ‘ cashless society’ in a post-pandemic world, though physical cash has made a comeback within at least one European country as consumers increasingly use notes and coins to help all of them balance household budgets amid an  inflationary storm.   Britain’ s Post Office released a report Monday that exposed even […]#@@#@!!

The World Economic Forum (WEF) has been pressing hard for a ‘ cashless society’ in a post-pandemic planet, though physical money made a comeback in a minumum of one European country as customers increasingly use notes and coins to help them stability household budgets amid an  inflationary storm .  

Britain’s Post Office released a report Monday that revealed even though the recent accelerated use of credit cards and digital payments on smartphones, demand for money surged this summer, according to  The Guardian . It said branches dealt with £ 801mln in personal cash withdrawals in July, an increase of 8% over June. The yearly alter on last month’s statistics was up 20% compared to July 2021 figure of £ 665mln.

Across the Post Office’s eleven, 500 branches, £ 3 or more. 31bln in cash has been deposited and withdrawn within July — a record higher for any month dating back more than three centuries of operations.  

The report remarked that increasing physical cash demand was primarily due to more people managing their funds via notes and cash on a “ day-by-day base. ” It said some  withdrawals were from vacationers needing cash for  “ staycations”   in the UK. About 600, 000 cash pay-out odds totaling £ 90mln had been from people who received strength bill support from the govt, the Post Office noted.  

Britain is  anything but a cashless society , ”   according to the Post Office’s banking director Martin Kearsley.

“ We’re seeing  more and more people increasingly reliant on cash   since the tried and tested way to  manage a budget . Regardless of whether that’s for a staycation in the united kingdom or if it’s to help get ready for  financial pressures expected in the autumn , cash access in every community is critical, ”   Kearsley said.

We noted in February 2021, UK’s biggest ATM network saw  plummeting   demand as consumers reduced money usage. At the time, we inquired this question:   “ How long will the desire for good old-fashioned financial institution notes last?

… and the answer is not long per the Post Office’s new document as The Guardian explains:   “ inflation going up and many bills expected to rise further – has directed a growing numbers of people to convert once again to cash to help them plan their spending. ”  

So much for WEF, central banks, and main corporations pushing for cashless societies worldwide, more importantly, endeavoring to usher in a hyper-centralized  CBDC dystopia . Along with physical cash back in style in the UK, the move towards the cashless society could be a much more challenging task for elites than previously thought.  

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