The introduction of free cash machines in lower income areas has recently been announced.
Banks and Building Societies have agreed to pay a premium to install the cash machines in areas where lower use is expected.
Our view
This move is part of the Government’s financial inclusion campaign and we see no great benefit to people who have little or no money. We make our prediction, that their will be numerous acts of vandalism on the machine as well as the real risk if theft. This is yet more public money being wasted on a scheme that has no benefits.
Spending the money on offering the poor ‘legal aid’ funded type access to free financial advice would be much better use of funds.
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