Post Office handles record £3.3bn in cash

The Post Office has said it more than £3.3 billion in cash was deposited and withdrawn across its 11,500 branches, the most the organisation has handled in its 360-year history.

During the four-week period, the company saw a record £801 million in personal cash withdrawals, up by eight per cent compared to June.

The Post Office says that the figures were driven by more ‘staycations’ in the UK and people becoming increasingly reliant on cash to manage their budget on a week-by-week, or even day-by-day basis amidst the backdrop of a cost-of-living crisis.

Post Office research last month found that 71 per cent of Brits planning on going on holiday in the UK this year plan to take out cash before leaving to go on holiday.

In July, the Post Office also processed over 600,000 cash payouts, totalling around £90 million, for people eligible to receive energy bill support from the UK Government.

“Our latest figures clearly show that Britain is anything but a cashless society,” said Martin Kearsley, banking director, Post Office. “We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget.”

Kearsley added: “Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical. Postmasters handling over £3.3 billion in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”

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