The Covid pandemic has accelerated the decline of cash in the UK, as more businesses opt for card-only transactions. But this shift is not without consequences for millions of people who depend on cash for their daily needs. Cash is not only a legal right, but also a vital lifeline for many vulnerable groups, such as the elderly, the disabled, the homeless and the poor. Cash also offers privacy, security and freedom from fees and surveillance that electronic payments cannot guarantee. Moreover, cash is essential for resilience in times of crisis, such as natural disasters or cyberattacks, that could disrupt the power grid or the internet. Without cash, the whole economy could collapse in a matter of hours.

According to recent statistics from personal finance website Finder, one in 10 Brits no longer use cash. Meanwhile, just one in eight people use physical currency every day. While these figures may already seem stark for UK residents who love the tradition of coins and notes, life without cash is even more prominent in Nordic countries. Both Sweden and Norway have the lowest amounts of cash in circulation globally. However, following a brief but determined move towards a cashless society, both nations are now re-emphasising the need for legal tender to prevent financial exclusion and to safeguard against potential cyber attacks – many of which are carried out by hacking experts working for Vladimir Putin.

In Norway, legislation introduced last year means businesses can now be fined for not accepting bank notes or coins. The government also urges people to carry physical currency due to the “vulnerabilities of digital payment solutions to cyber attacks”.

Over in Sweden, physical cash is making a comeback, too. Niklas Arvidsson, associate professor at the Royal Institute of Technology in Stockholm, and author of Building a Cashless Society, says the shift towards a digital-only transaction culture in his country was halted abruptly following an investigation by its Central Bank two years ago.

“It’s a reaction to what has happened in Ukraine and the ongoing war,” he tells the Daily Express. “People without cash are more vulnerable to cyber attacks.

“If there are cyber attacks on electronic payment systems, cash is the only back-up and alternative.” He says the report concluded that Sweden must focus on improving the infrastructure for cash payments, including banking hubs and ATM systems.

“It even suggested that some stores should be forced to take cash when they didn’t before. Previously, any store was able to say no to taking cash from a customer.” And that is currently the case in the UK.

That's why I'm deeply worried about the future of cash in the UK. I urge the Government to take action to protect cash as a valid and accessible form of payment for everyone. I support the proposal to legislate for cash to remain legal tender and widely available until at least 2050. This would ensure that no one is left behind by the digital transition and that we preserve our financial sovereignty and stability.

Did you know that the pound sterling:

◇ Is the oldest surviving independent currency. and is the largest reserve currency in the world.

◇ The pound sterling is one of the most traded currencies in the world today.

◇ The pound is the second most actively traded currency after the US dollar.