Not cashless, but less cash: Economic justice and the future of UK payments

Article

The future will have less cash. By 2028, forecasts suggest that fewer than one in 10 UK consumer payments will be made using cash. The digital revolution in finance will transform our economy and shift the balance of economic power. The prospect of a fully cashless society remains beyond the horizon, but the actions of government, regulators and financial service providers in the immediate future will determine the course of this transition and crucially who stands to benefit from it. Change is needed to design a future economy that is both more digital, and more just.

To prepare for a just transition to a more digital economy, this report sets out three key areas for action:

  1. excellent financial services for all
  2. bringing workers and businesses into the formal economy
  3. democratising data and shaping an inclusive digital finance market.

There is a path to a digital economy that delivers not just greater prosperity, but also greater economic justice: where more people can access better payments and banking services, where the power of payments data is harnessed for public good, and where tax revenues are increased and employment protections strengthened for the most precarious workers. How we reimagine the world of personal finance, and for whose benefit, will shape the digital economy of the future. Action is needed now to ensure that future is hardwired for economic justice.

Related items

  1. A stack of large shipping containers painted with the UK and EU flags

    Aligning for growth? The benefits of an EU-UK mutual recognition agreement

    Scoping the potential next frontier of a deepening relationship between the UK and the EU.
  2. A wind turbine stands in the middle of a field of solar panels on a sunny day

    The wiring behind rewiring the state: Energy devolution in England

    How the government can give local leaders the opportunities to lead energy transformation locally.
  3. Aerial views of Manchester skyline of new skyscrapers

    Devolution that delivers: Fiscal power for regional growth

    The UK is one of the most centralised countries in the developed world, and one of the most regionally unequal.