Loss of cashpoints could devastate small businesses, federation warns

♦ Cashpoint cuts threaten to wipe out small businesses, campaigners have warned, as 250,000 are located at least a kilometre from a free ATM.

The figure, which represents half of small firms, is set to rise as a result of changes to the UK’S biggest network of free cashpoints, the Federation for Small Businesses (FSB) has warned.

The findings will inform a parliamentary debate, taking place today, on the issue of access to cash.

The majority (51 per cent) of small businesses with a view on free-to-use ATMS say cashpoints are important to their business. Among retailers, the figure rises to 59 per cent.

Last month, Link announced it would go ahead with plans to reduce the fee paid to its ATM providers by 20 per cent over the next four years.

Experts have warned the move will greatly impact the number of free cashpoints, with one in five predicted to disappear from Britain’s high streets within four years, according to the ATM industry body.

Mike Cherry, FSB national chairman, said: “Access to cash is vital to local high streets all over the country. Many small firms are already miles from their nearest free-to-use cashpoint.”