Business deposits drying up

BUSINESS cash deposits into Post Office branches have fallen off a cliff, according to the latest PO Cash Tracker Index.

The data for January 2021 reveals a 40.7% decline in cash deposits compared with the same period one year ago.

Martin Kearsley, director of banking at the Post Office, said: “An over 40% fall in business cash deposits compared with same period last year continues to highlight the impact the Covid-19 lockdown is having on the UK’s small businesses and the self-employed who have traditionally relied on Post Offices to deposit their takings.”