Banking update from Martin Kearsley
Hello everyone. I’d like to start by saying a huge thank you. Last Friday (9 July) marked Post Office Save Our Cash Day in communities across the UK, raising awareness of the issues faced by more than eight million people who say they would struggle to survive without cash.
It was heartening to see so many of you get involved and support the campaign; from Marianne at Salthouse Post Office in Cumbria, who shared a fantastic video presentation of why cash access is essential to so many, to the countless number of you who posted photos of your teams and campaign resources on social media.
We had a number of MPs visit their local branches up and down the country and despite the spotlight firmly on Sunday’s final, we also secured some great press coverage at a national and regional level. I took part in a couple of radio and broadcast interviews with the aim of reinforcing how important it is for industry and government to act now to protect a vital lifeline for millions of consumers and businesses.
We also received support from third parties including Age UK, Citizens Advice and Refuge, who all recognise the importance of cash and welcome our commitment to ensuring a robust cash infrastructure is in place and easily accessible to those who need it.
While Friday saw some great results, our work is not yet done. I hope that you and your teams can continue to help us spread the word with your customers and communities. Everybody can get involved by visiting www.saveourcash.co.uk and you can access campaign resources to support here.
Secondly, I’d like to highlight the banking numbers for June where we saw a record amount deposited, with business cash deposits exceeding £1 billion (up almost 24% month-on-month) for the first time in over 18 months, as consumers start to spend their cash after over a year of restrictions. This is a real milestone moment for Post Office and for our Postmasters, demonstrating the vital role you play in the cash eco-system in your local communities as we come out of Covid-19 restrictions.
We also saw the highest ever amount of cash - £2.87 billion - deposited and withdrawn from our branches, with personal cash withdrawals at their highest level since March 2020 as the economy continues to unlock and consumers return to the High Street.
You can find the full Post Office Cash Tracker for June here.
Thank you for your continued hard work in supporting customers with their cash needs. If you have any questions or suggestions, please submit a comment below and I will provide an update in my next blog.