(MENAFN) The Post Office in Britain, which also provides banking services, reported on Monday that it processed a record number of individual cash withdrawals in July totaling pound801 million (USD971 million). This was increased more than 20 percent from a year ago and nearly 8 percent month over month.
The Post Office's 11,500 locations allegedly saw a total of more than pound3.31 billion (almost USD4 billion) in cash withdrawals and deposits, marking the first time the pound3.3 billion benchmark has been reached in its 360-year existence.
As the country struggles to cope with rising costs, many are turning to cash. The Bank of England anticipates that in October, headline inflation would reach a peak of 13.3 percent and then continue to rise for the majority of 2023.
According to the research, more Britons were choosing to manage their finances " often on a day-by-day basis " using cash. Some of the withdrawals were ascribed to tourists who needed money for " staycations " in the United Kingdom the current summer. The Post Office stated that about pound90 million (USD109 million) in payments were sent to those who were qualified for government assistance with their energy bills.
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