The future will have less cash. By 2028, forecasts suggest that fewer than one in 10 UK consumer payments will be made using cash. The digital revolution in finance will transform our economy and shift the balance of economic power. The prospect of a fully cashless society remains beyond the horizon, but the actions of government, regulators and financial service providers in the immediate future will determine the course of this transition and crucially who stands to benefit from it. Change is needed to design a future economy that is both more digital, and more just.
To prepare for a just transition to a more digital economy, this report sets out three key areas for action:
- excellent financial services for all
- bringing workers and businesses into the formal economy
- democratising data and shaping an inclusive digital finance market.
There is a path to a digital economy that delivers not just greater prosperity, but also greater economic justice.
