Alarmed union leaders are urging the Bank of England to intervene and 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 this could lead to cash shortages at ATMs and a lack of foreign currency at airports, posing a particular risk to vulnerable individuals should cyberattacks by criminals occur.
The trade union GMB has highlighted the escalating risks faced by cash handling and transportation staff, with reports of organized crime targeting susceptible workers. Crucial discussions between the companies and the union are scheduled for this week.
In a letter addressed to the Bank of England, GMB’s national officer Eamon O’Hearn expressed worries about the sustainability of the cash industry, emphasizing the potential threat it poses to the UK economy, national security, and the well-being of numerous workers, their families, and communities.
Furthermore, in a separate communication to Security Minister Dan Jarvis, Mr. O’Hearn raised concerns regarding the UK’s cash system resilience, especially in the face of potential electronic payment system failures or cyberattacks. The impact of such incidents on vulnerable communities, facing digital disparities, is a significant concern.
The Bank of England has acknowledged the union’s apprehensions and plans to respond accordingly. GMB remains steadfast in its commitment to safeguarding industry standards and protecting workers from criminal elements.
A spokesperson for G4S Cash Solutions UK stated that ongoing discussions with GMB are aimed at reaching a mutually beneficial resolution to avoid the need for industrial action. Loomis chose not to comment on the matter during the ongoing dispute.