Alarmed union leaders have urged the Bank of England to intervene and prevent an impending cash crisis. Nearly 1,500 cash handlers employed by G4S and Loomis are preparing to go on strike due to disputes over wage freezes. Concerns have been raised that cash machines could run out of money, leading to a shortage of foreign currency at airports. This situation could leave vulnerable individuals at a heightened risk if cybercriminals launch attacks.
The GMB trade union has highlighted the rising threat of attacks on cash handling and transportation workers, with organized crime groups specifically targeting those who are most vulnerable. Critical discussions between the companies and the union are scheduled for this week.
In a formal communication to the Bank, GMB national officer Eamon O’Hearn expressed worry about the sustainability of the cash industry, emphasizing the potential impact on the UK economy, national security, and the livelihoods of numerous workers and their families. O’Hearn emphasized the importance of maintaining industry standards to safeguard workers and prevent criminal infiltration.
In a separate letter to Security Minister Dan Jarvis, O’Hearn raised concerns about the resilience of the UK cash system, especially in the face of potential electronic payment system failures or cyberattacks. The letter underscored the disproportionate impact such disruptions have on vulnerable communities facing digital disparities.
The Bank has assured that it will address the union’s concerns. O’Hearn reiterated the urgency of the situation, emphasizing the need to protect the industry from reaching an unsustainable point that could jeopardize the economy and the well-being of workers and communities.
A spokesperson for G4S Cash Solutions UK stated that dialogue with the GMB is ongoing in hopes of reaching a mutually agreeable resolution without resorting to industrial action. Loomis opted not to comment pending the resolution of the dispute.