Cash Payments Make Unexpected Comeback Amid Price Hikes
After a decade of decline, cash payments edged up last year as Britons wrestled with soaring living costs. But don’t pack away your debit card just yet—plastic still dominates, racking up half of all transactions at a record high.
Cash Clings On Despite Digital Boom
UK Finance’s latest figures reveal a surprising rise in cash use in 2023, driven by consumers juggling tighter budgets. Yet, nearly 22 million people only used cash once a month or not at all. Just under one million stuck mainly to cash.
“While many prefer handling money in notes and coins, we expect cash use to fall again as the economy stabilises,” UK Finance said.
Debit Cards Rule the Roost
- A staggering 50% of the 46 billion payments made by Brits (consumers and businesses alike) were made by debit card, confirms UK Finance.
- Contactless cards are king for low-value buys, dethroning loose change. The average contactless tap was worth £15.10.
- Across all transactions, debit cards featured in 57%—proof that plastic still packs a punch.
Deloitte Eyes 800 Job Cuts in UK Shake-Up
Big Four firm Deloitte looks set to shed over 800 UK jobs, about 3% of its workforce, as it embarks on a cost-cutting drive. No exact roles have been named yet.
CEO Richard Houston said, “Today we announced some targeted restructuring across our businesses, which may – subject to consultation – put some roles at risk of redundancy.”
Oil Prices Climb on Tight Supply Fears
Oil prices bounced back, with Brent crude hitting $92.24 and US WTI $88.87 a barrel. Market watchers blame restrained production and strong demand through 2023 and beyond.
OPEC’s latest outlook forecasts robust global oil demand for 2023 and 2024, maintaining supply restrictions. ANZ Research analysts warn the oil market looks set to stay tight amid ongoing supply challenges.
