Alarmed union leaders have urged the Bank of England to intervene in preventing an imminent cash crisis. Nearly 1,500 cash handlers employed by G4S and Loomis are planning to go on strike due to disagreements over salary freezes. This situation has raised concerns that ATMs could run out of cash and airports might face shortages of foreign currency, especially impacting the most vulnerable individuals if cybercriminals launch attacks.
The GMB trade union has highlighted the growing risks faced by cash handling and transportation workers, with organized crime targeting vulnerable employees. Critical negotiations between the companies and the union are scheduled for this week.
In correspondence addressed to the Bank, GMB national officer Eamon O’Hearn expressed worries about the sustainability of the cash industry, emphasizing the potential threats to the UK economy, national security, and the well-being of numerous workers and their communities. O’Hearn stressed the vital role of the industry and GMB’s efforts to uphold professional standards for safeguarding workers and combating criminal activities.
Furthermore, in a separate letter to Security Minister Dan Jarvis, O’Hearn raised concerns about the UK cash system’s resilience in the face of potential electronic payment system failures or cyberattacks, particularly affecting vulnerable communities facing digital disparities. The Bank has assured a response to the union’s apprehensions.
A spokesperson from G4S Cash Solutions UK mentioned ongoing discussions with the GMB, aiming for a mutually agreeable resolution to avoid industrial action. Meanwhile, Loomis has refrained from commenting on the matter during the current dispute.
