The Daily Telegraph

Staycation­ers splash the hard cash in holiday hotspots

- By Will Kirkman

BRITAIN’S tourism hotspots experience­d a cash boom last month as “staycation­ers” withdrew physical currency in record amounts.

The Post Office handled an unpreceden­ted amount of cash in a single month, with £2.9 billion deposited and withdrawn.

Personal cash deposits exceeded £1 billion for the sixth successive month. Overall, business cash deposits were 23.5 per cent higher than in August last year.

It comes as popular holiday spots, including leisure centres, pubs and holiday parks, recorded a 7.5 per cent yearon-year rise in cash withdrawal­s between January and July, according to Notemachin­e, the cash point provider.

Peter Mcnamara, of Notemachin­e, said: “This goes to show just how crucial cash is for supporting local economies, many of which have limited broadband connection, and so are unable to support contactles­s payment infrastruc­ture.”

Recent Post Office research found that nearly half of small hospitalit­y and leisure businesses in Britain rely on cash every day.

Despite this, British towns have lost more than 500 bank branches since the start of the pandemic.

The Post Office has an agreement with nearly 30 banks which enables customers to carry out their day-to-day banking in its branches.

Martin Kearsley, of the Post Office, said: “Postmaster­s have been on hand throughout the summer dealing with record amounts of cash and supporting local businesses in the community by staying open long hours and weekends, providing a convenient place to deposit much needed cash takings.”

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