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 go on strike due to disputes over salary freezes. Concerns have arisen that ATMs could run out of cash and airports might face shortages of foreign currency, particularly impacting vulnerable individuals if cybercriminals launch attacks.
The trade union GMB has highlighted the escalating risks faced by cash handling and transportation workers, emphasizing the targeting of vulnerable employees by organized crime groups. Intensive negotiations between the companies and the union are currently underway.
In a communication to the Bank, GMB’s national officer, Eamon O’Hearn, expressed the organization’s apprehensions about the sustainability of the cash industry, emphasizing the potential threats it poses to the UK economy, national security, and the welfare of numerous workers, their families, and communities. O’Hearn underscored the essential need to safeguard the industry’s integrity and professionalism to shield workers and prevent illicit activities.
Additionally, in a separate letter to Security Minister Dan Jarvis, O’Hearn raised concerns about the resilience of the UK’s cash system in the face of potential electronic payment system failures or cyberattacks, particularly affecting disadvantaged communities encountering digital disparities.
The Bank has assured a response to the union’s concerns. O’Hearn reiterated the critical nature of the challenges facing the cash industry, emphasizing the necessity to address them promptly to avert adverse consequences.
A spokesperson for G4S Cash Solutions UK stated that discussions with GMB are ongoing, aiming for a mutually agreeable resolution to avoid industrial action. Loomis has chosen not to comment during the ongoing dispute.
