Thirtieth Report - The production and distribution of cash

The government agrees with the recommendation to set out how it will incorporate community needs into its plan for cash access, but defers specific action. It states it is considering responses to a Call for Evidence and will outline next steps in due course.

The government agrees with the recommendation to assign overall responsibility for the cash system to a single body, noting the FCA may be well-positioned. However, it is currently considering responses to its Call for Evidence and will set out next steps in due course, deferring a concrete commitment.

The Bank of England accepts the recommendation and commits to conducting surveys over the next year to understand household and small business use of banknotes as a store of value. It will also engage with HMRC and the National Crime Agency for additional information.

The Bank of England accepts the recommendation, committing to review its documentation around stock decisions and contingency requirements to ensure it clearly records the main factors contributing to final decisions on print volumes and stocks by December 2021.

The government's response is a boilerplate text about the Bounce Back Loan Scheme and does not address the recommendation for HM Treasury and the Royal Mint to outline plans for sustainable and cost-effective coin manufacturing.

The government's response does not address the Committee's introductory statement about taking evidence, instead focusing on different policy matters like cash access legislation and cashback.

The government agrees with the Committee's observation regarding the changing economics of the cash system and the political nature of cost allocation, but provides no specific commitments.

The government agrees with the Committee's observation regarding ongoing research into cash reliance and SME access to services, but offers no specific commitments or new actions.

The government agrees with the Committee's observation regarding the ongoing work by FCA and PSR to map access to cash but provides no specific actions or commitments to accelerate the work.

The government agrees with the Committee's observations and commits to protecting access to cash, with a target implementation date of Spring 2021. It highlights ongoing efforts and is considering responses to its Call for Evidence, with next steps to be set out in due course.

The government acknowledges the committee's observation regarding the need for flexible, community-based solutions for cash access. It reiterates its commitment to protecting cash access and will outline its next steps after considering responses to a Call for Evidence.

The government agrees with the implied recommendation (based on its own proposal) to clarify responsibility for the cash system. It states it is considering responses to its Call for Evidence regarding giving a single authority, such as the FCA, overall responsibility and will set out next steps in due course.

The government agrees with the implicit recommendation to address the lack of a single organisation responsible for monitoring the cash system. It reiterates its proposal from the Call for Evidence to give a single authority, potentially the FCA, overall responsibility, but defers action to set out next steps after considering responses.

The Bank of England agrees with the Committee's observation and commits to conducting surveys over the next year on households' and small businesses' use of banknotes as a store of value, and to engage with HMRC and the National Crime Agency for additional information.

The Bank of England agrees with the Committee's observation and commits to conducting surveys over the next year on households' and small businesses' use of banknotes as a store of value, and to engage with HMRC and the National Crime Agency for additional information, which addresses the underlying reasons for increased notes.

The Bank of England, treating the conclusion as a recommendation, commits to conducting surveys over the next year to understand how households and small businesses use banknotes as a store of value. It will also engage with HMRC and the National Crime Agency for additional relevant information to address the lack of data.

The Bank of England's response does not directly address this conclusion, which details the Bank's high contingency stock levels and associated costs. Instead, it commits to reviewing documentation around stock decisions and ensuring factors are clearly recorded, which relates to a different recommendation.

The Bank of England's response, despite stating agreement, does not directly address the content of this conclusion which explains the Bank's current practice and rationale for maintaining high stocks. Instead, it commits to reviewing documentation around stock decisions, which relates to a different recommendation.

The Bank of England accepts the recommendation, committing to review its documentation regarding stock decisions and contingency requirements. This review will ensure clear recording of the main factors influencing final decisions on print volumes and stock levels by December 2021.

The government agrees with the Committee's observations on reduced coin production and outlines how HM Treasury and The Royal Mint are improving business efficiencies, reducing manufacturing costs, and enhancing forecasting accuracy to manage the impact of declining coin use.

The government agrees with the Committee's observations on declining coin demand and outlines how HM Treasury and The Royal Mint are improving business efficiencies, reducing manufacturing costs, and enhancing forecasting accuracy to manage the impact of reduced transactional cash use.

The government agrees with the Committee's observations on rising coin stocks and outlines how HM Treasury and The Royal Mint are improving business efficiencies, reducing manufacturing costs, and enhancing forecasting accuracy to manage the impact of reduced transactional cash use and stock levels.

The government agrees with the Committee's observations on coin demand fluctuations due to Covid-19 and details how HM Treasury and The Royal Mint are improving forecasting and operational measures to ensure appropriate coin availability despite declining long-term use.

The government acknowledges the financial pressures on the Royal Mint and describes ongoing efforts to improve business efficiencies, reduce costs, and accurately forecast coin demand. The response details existing measures rather than new commitments.