Half a million Scots could struggle to access cash due to the unprecedented rate of bank closures, MPs have warned.
Scotland has the highest percentage loss of bank branches across the UK, with 53 per cent closing since 2015, the Scottish Affairs Committee’s Access to Cash in Scotland report found.
The committee, chaired by SNP MP Pete Wishart, is urging the UK Government to offer support to those who are struggling to make the transition to online banking.
Plans to introduce a Financial Services and Markets Bill have been welcomed, but Mr Wishart said urgent action was needed as fears grow that there may be a rush by banks to close branches before the legislation is introduced.
A Treasury spokesman said: “We recognise that cash is vital for millions of people.
“That’s why we are legislating to ensure people will continue to be able to access cash, and have already legislated to enable shops to offer cashback to customers, regardless of whether they make a purchase.”
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