The Federation of Small Businesses and Which? have jointly called for a regulator to ensure companies and shoppers who rely on cash are not disadvantaged, as reported by CityA.M.

It comes after Which? found that 25,000 cash machines were lost during the second half of 2018. A separate report, published in December, found that eight million people in the UK still rely on cash, about 17 per cent of the UK population.

Ten years ago, cash was used for six out of every ten payments, but today that number has dropped to one in three transactions.

Mike Cherry, national chairman of the Federation of Small Businesses, said: ‘With our cash infrastructure increasingly under attack, it’s time for a regulator to be given explicit responsibility for protecting access to notes and coins. Otherwise we risk drifting into a cashless environment that we’re simply not ready for yet’.

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