Not cashless, but less cash: Economic justice and the future of UK payments

Article

The future will have less cash. By 2028, forecasts suggest that fewer than one in 10 UK consumer payments will be made using cash. The digital revolution in finance will transform our economy and shift the balance of economic power. The prospect of a fully cashless society remains beyond the horizon, but the actions of government, regulators and financial service providers in the immediate future will determine the course of this transition and crucially who stands to benefit from it. Change is needed to design a future economy that is both more digital, and more just.

To prepare for a just transition to a more digital economy, this report sets out three key areas for action:

  1. excellent financial services for all
  2. bringing workers and businesses into the formal economy
  3. democratising data and shaping an inclusive digital finance market.

There is a path to a digital economy that delivers not just greater prosperity, but also greater economic justice: where more people can access better payments and banking services, where the power of payments data is harnessed for public good, and where tax revenues are increased and employment protections strengthened for the most precarious workers. How we reimagine the world of personal finance, and for whose benefit, will shape the digital economy of the future. Action is needed now to ensure that future is hardwired for economic justice.

Related items

  1. The Scottish parliament building rises in the backdrop, foregrounded by a pond, trees and a lawn. Blue skies overhead

    Rebuilding Scotland's "New Politics": a constructive parliament to build trust in Scottish politics

    Political disillusionment is growing in Scotland, and policy is not delivering. MSPs who did not stand for re-election this year share how the parliament currently works and could be improved.
  2. A photo of a field of solar panels with a line of trees and a sunset sky behind it

    The Europe agenda: Energy and climate

    A redefined relationship with Europe is the most direct path to the UK's climate and energy goals.
  3. Sad young woman sitting on the window

    The loneliest generation: What it is like to grow up in England today

    Connection should be the fabric that binds society together. But today’s young people have never felt more disconnected.