Returning to cash

image shows a red post office sign

POST Office has recorded a new record high for cash withdrawals in a single month.

Post Office branches across the UK handled £801 million in personal cash withdrawals in July, up almost eight percentage points from the previous month.

Post Office attributed the rise to more consumers taking out cash to better budget while on holiday and the cost-of-living crisis.

Martin Kearsley, banking director at Post Office, said: “ Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical.”