Alarmed union leaders have urged the intervention of the Bank of England to prevent an imminent cash crisis. Nearly 1,500 cash handlers employed by G4S and Loomis are preparing to strike due to disputes over salary freezes. Concerns have arisen that ATMs may soon run out of cash, leaving airports without foreign currency. This situation poses a significant risk, especially to vulnerable individuals, should cybercriminals launch attacks.
The GMB trade union highlighted the escalating dangers faced by cash handling and transportation workers, as well as the increasing targeting of vulnerable employees by criminal groups. Critical discussions between the companies and the union are scheduled for this week.
In a letter addressed to the Bank, GMB national officer Eamon O’Hearn expressed apprehension about the sustainability of the cash industry, emphasizing the potential threat it poses to the UK economy, national security, and the livelihoods of numerous workers and their communities. He stressed the importance of safeguarding the industry and maintaining high standards to protect workers and prevent criminal infiltration.
Additionally, in a separate communication to Security Minister Dan Jarvis, Mr. O’Hearn raised concerns about the resilience of the UK cash system in the face of potential electronic payment system failures or cyberattacks. Acknowledging the Government’s efforts to develop alternative payment systems, he emphasized the disproportionate impact such disruptions have on vulnerable communities facing digital disparities.
The Bank has assured that it will address the union’s concerns. Mr. O’Hearn reiterated the urgent need to address the challenges facing the cash industry to safeguard the economy and the well-being of workers and communities.
A spokesperson for G4S Cash Solutions UK stated that they are actively engaging with the GMB in hopes of reaching a mutually satisfactory resolution without resorting to industrial action. Loomis has refrained from commenting on the matter during the ongoing dispute.