£1bn expected to be withdrawn from ATMs amid bank holiday celebrations
More than £1 billion could be withdrawn from the UK’s ATMs, as the King’s coronation is celebrated over the bank holiday weekend, according to an ATM network.
The forecast, covering the period from Friday to Monday, was made by ATM network Link.
As people geared up to celebrate, £735 million was withdrawn between Tuesday May 2 and Thursday May 4, marking a 9% jump on the same period last year, Link said.
Graham Mott, director of strategy at Link said: “This week has already seen an extra £60 million in cash withdrawn from ATMs when compared to last year.
“Looking forward to the royal weekend, Saturday morning is likely to be quieter than usual, with many watching the historic event on TV, but the afternoon, Sunday and Monday may well be busier than usual as people join in local celebrations or just get out and about to take advantage of the long weekend and overall we could well see more than £1 billion withdrawn from Link cash machines.
“Consumers will have to wait until next year for cash to be king again, when Charles notes will officially enter circulation.”
The Bank of England expects to issue banknotes featuring the King’s portrait by mid-2024.