Blackpool locals are getting right behind their now Independent MP Scott Benton in his quest to keep cash alive. Yesterday (Thursday 17th August) MP Benton shared a picture of the Don’t Kill Cash logo and posted, ‘Fully behind this campaign. Paying using cash is vital to protect vulnerable & elderly people and ensure they are not excluded. Well done @GBNEWS for running this campaign.’
MP Benton then shared the hashtag link to the cash is king campaign which states:
‘Why should we pay cash everywhere with banknotes instead of a card ?
- I have a £50 banknote in my pocket. Going to a restaurant and paying for dinner with it. The restaurant owner then uses the note to pay for the laundry. The laundry owner then uses the note to pay the barber. The barber will then use the note to pay for shopping.
- After an unlimited number of payments, it will still remain a £50 value, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made.
BUT
IF I go to a restaurant and pay digitally via Card,
- The bank fees for my payment transaction charged to the seller are 3%, so around £1.50 ( and so will be the fee of £1.50 for each further payment transaction )-for the owner re laundry or payments of the owner of the laundry shop, or payments of the barber etc…..
- Therefore, after 30 transactions, the initial £50 will exist at only £5, and the remaining £45 has become the property of the bank … thanks to all of the digital transactions and fees!
Use it or lose it folks…
Once it’s gone we won’t get it back!
Cash is king! #CashIsKing
Already MP Benton’s post has achieved a multiple number of likes and gained positive comments such as ‘Shout it loud’, ‘Signed It’ and ‘Well said, Scott!’
