House of Lords reviews UK cash approach amid digital payment concerns

The House of Lords began reviewing the UK's approach to physical cash, a topic that has been discussed due to the slow decline in cash usage over the past decade. This review comes as the European Central Bank sets cash guidance standards. The UK Government has promoted a 'Be Ready' campaign, recommending that households keep a cash buffer during emergencies, though it did not specify an amount.

The review addresses growing concerns about the vulnerability of solely digital payment systems, which have experienced temporary outages and cyber security fears. The House of Lords is tasked with determining if Britons require guidance on maintaining an emergency cash reserve, similar to practices in some European countries.