Trade union GMB has warned of a looming cash crisis as nearly 1,500 cash handlers at G4S and Loomis prepare to strike over pay freezes. The union fears that ATMs could run out of cash and airports may be left without foreign currency, with the most vulnerable at risk if cyberattacks occur.
In a letter to the Bank of England, GMB national officer Eamon O’Hearn expressed concern that the cash industry is becoming unsustainable, posing a threat to the UK economy, national security, and workers' livelihoods. He highlighted the growing risk of attacks on cash handlers and organised crime targeting vulnerable workers.
Separately, O’Hearn wrote to Security Minister Dan Jarvis, warning that the cash system's resilience is in question, especially during electronic payment outages or cyberattacks. He noted that the most vulnerable communities, already affected by the digital divide, would suffer disproportionately.
The Bank of England has said it will respond to the union's concerns. A G4S spokeswoman stated that the company is engaging with GMB to reach an amicable agreement, while Loomis declined to comment during the ongoing dispute.
