- Brits are using cash as a way to manage their budgets as inflation in the country is expected to peak at over 13% in October.
- Britain’s Post Office, which offers banking services as well as mail, handled a record £801 million ($967 million) in personal cash withdrawals in July.
- The company also attributed the jump to more Brits choosing to holiday in the U.K.
Britain’s Post Office, which offers banking services as well as mail, handled a record £801 million ($967 million) in personal cash withdrawals in July.
In total, more than £3.3 billion in cash was withdrawn and deposited over the Post Office’s counters — the first time the amount has crossed the £3.3 billion threshold in its 360-year history.
Personal cash withdrawals were up almost 8% month on month at £744 in June, and up over 20% from a year ago to £665 million in July.
www.cnbc.com/2022/08/08/uk-cash-withdrawals-hit-a-record-high-as-brits-grapple-with-inflation.html
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