England’s lockdown causes 22% drop in business deposits, says Post Office

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Personal cash deposits remained relatively stable at Post Offices in November compared with the previous month, however business cash deposits fell 22%, largely because of national restrictions across England, according to the latest Post Office Cash Tracker.

Personal cash deposits of £966m dipped 2% compared with October (£984m). Business cash deposits totalled £719m, a 22% fall on October (£924m) and was the lowest amount deposited since June (£492m) when the UK began exiting the first lockdown. Based on data from the summer, Post Offices are expecting a significant increase in business deposits in December as branches stay open longer hours and weekends in the run-up to Christmas.

Overall, cash deposits and withdrawals by business and personal customers amounted to over £2.27bn in November. This was down 10% compared with October (£2.52bn).

Martin Kearsley, Director of Banking at the Post Office, said: “The steady amount of cash deposited by personal customers at Post Offices despite England being under national restrictions last month shows how much Post Office supports those who need to budget on, and use, cash and continues to exceed pre-Covid levels. With cash withdrawals remaining steady we see the reliance millions of people place on the ability to access and deposit cash in a quick and secure manner at their local Post Office.”

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