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According to forecasts from Link, the UK's cash access and ATM network, around £235 million is expected to be withdrawn from ATMs on Thursday as people head out to vote in the general election.
The network predicts that the general election will have a lower turnout than the last one held on December 12, 2019.
On that day, £322 million was withdrawn as Boris Johnson returned to Downing Street as Conservative Prime Minister. Link said early December was a slightly busier time for ATMs.
- June 8, 2017, £356 million
- 12 December 2019, £322 million
- July 4, 2024, £235 million (estimated figure)
And on 8 June 2017, when the general election was held and then Prime Minister Theresa May's electoral gamble failed and the Conservative Party lost its majority in the House of Commons, around £356 million was withdrawn from ATMs.
According to Link's figures, £240 million was withdrawn from ATMs on Thursday last week (June 27).
This data only applies to Link transactions, which are those where a bank customer uses an ATM from another provider. The majority of ATMs across the UK are connected to the Link network.
Link said ATM transactions had increased in the early summer as people went out and about, but there had been a drop in August as many UK residents went on holiday abroad.
Early December is typically a bit busier than early June or early July, but much of the decline in ATM use is due to people using less cash overall and increasingly using cards and phones for everyday payments.
Graham Mott, Link
Graham Mott, Link's head of strategy, said: “The traditional Election Day itself doesn't seem to make much of a difference in ATM usage compared to a typical Thursday around that time, with people appearing to vote in a way that fits into their normal daily routine.
“Early December is usually a bit busier than early June or early July, but much of the decline in ATM use is due to people using less cash overall and using cards and mobile phones more to make everyday payments.”
In 2023, legislation was passed as part of the Financial Services and Markets Act to protect access to cash.
A recent survey conducted by Link found that nearly half (48%) of people expect to achieve a cashless society in their lifetime.
But according to Link's data, the average British adult withdrew around £1,500 from a cash machine last year.
![Banknotes bearing the monarch's portrait began being issued last month (Lucy North/PA)](https://static.independent.co.uk/2024/07/03/06/b83410e4647ee73434d62913e0f2cb51Y29udGVudHNlYXJjaGFwaSwxNzIwMDA2MjU2-2.76419163.jpg)
In June, banknotes bearing the King's portrait began to be issued.
This is the first time a monarch has changed on a Bank of England note, as the late Queen was the first British monarch to appear on banknotes in 1960.
The new banknotes will circulate alongside those featuring the late queen.
There are currently over 4.6 billion Bank of England notes in circulation, worth around £82 billion.
Mr Moat said 99.8% of England's main roads were cashless within a mile, adding: “Link will also ensure that this remains the case until the next general election – whenever that may be.”