Cash Makes a Comeback as Brits Battle Soaring Prices
Cash Payments Climb for the First Time in 10 Years
After a decade-long slide, cash payments saw a surprising boost last year as consumers struggled with rising living costs. Despite this, debit cards remain king, accounting for half of all transactions — their highest ever share. Many Brits still prefer paying with cash, but UK Finance predicts this trend won’t last once the cost-of-living crunch eases.
Debit Cards Dominate the Payment Scene
- Nearly 22 million people used cash just once a month or not at all last year.
- Less than a million rely mainly on cash for payments.
- Debit cards made up 50% of the 46 billion payments by consumers and businesses.
- Contactless payments led the charge, with an average spend of £15.10 per tap.
- Overall, debit cards featured in 57% of consumer transactions.
Deloitte Plans to Slash 800 UK Jobs Amid Restructuring
Deloitte, one of the UK’s biggest accountancy firms, is eyeing cuts of over 800 roles in a cost-saving shake-up. That’s 3% of its 27,000-strong workforce. CEO Richard Houston said, “We announced some targeted restructuring… which may – subject to consultation – put some roles at risk of redundancy.” Details remain under wraps as staff await the consultation process.
Oil Prices Surge on Tight Supply and Strong Demand
Oil prices jumped as concerns grow over a tight crude supply for the rest of 2023. Brent crude futures rose 36 cents to $92.24 a barrel, while US West Texas Intermediate climbed 35 cents to $88.87. Producers are committed to keeping production limited, supporting prices. OPEC expects robust demand in both 2023 and 2024. Analysts warn the market will stay tight due to supply constraints and strong global need.
