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07 December 2017

Cash machine investment vital to local growth, say small firms

Responding to Treasury Committee Chair Nicky Morgan’s response to LINK Chairman Mark Boleat’s latest letter on proposals to reduce the fee paid by card providers to cash machine operators, Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said:

“Small firms across the country will welcome the Treasury Committee’s scrutiny of LINK’s proposals. LINK seems to take the view that our ATM network is robust enough as it stands, but we often hear stories of towns losing access to cash. These tend to be in rural areas and tourist hotspots where cash is critical to the local economy.

“Fundamentally, it’s hard to understand how LINK expects to improve access to cash with decreased revenues. We would like to see transparency throughout its consultation process. In particular, it would be interesting to know how cash machine operators see a reduction in the interchange fee impacting their ability to provide a vital public service. 

“What LINK needs to appreciate is that small businesses are already having to handle widespread bank branch closures. As bank branches close, businesses and shoppers are becoming more reliant on ATMs so reducing investment in cash machines is the last thing small firms need.”