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.
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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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