Post Offices have seen a gradual loss in cash deposits in the space of a month from November to December 2022, according to latest figures.
In total, cash deposits are down 1.2% from £2.40bn to £2.37bn month-on-month, with business cash deposits falling by 2% from £1.11bn to £1.09bn, and personal cash deposits down by just 0.5% from £1.29bn to £1.28bn.
Personal cash withdrawals, however, are on the rise from £836m in November to £892m in December.
The money gap is thought to be an effect of the December rail strikes, ‘freezing weather’ and strict bank deposit limits on the hospitality sector.
This follows cash deposit limits causing a 2% downturn in cash use on the high street back in November.
Martin Kearsley, banking director at the Post Office, said: “December was a torrid month for the hospitality sector amongst others, with strikes and freezing weather reducing footfall and cash takings across pubs, cafes and restaurants especially; and in turn contributing to a fall in deposits at Post Offices.”
He added: “Millions of people continue to visit their local Post Office to withdraw cash in order to budget and Postmasters are playing a vital role in helping people, particularly those on low incomes, navigate this winter.”
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