© Provided by City AM Rishi Sunak will today lift the limit on contactless payments to £100 in a bid to boost the UK's ailing retail sector.
The previous limit on contactless purchases was £45, however the Financial Conduct Authority (FCA) conducted recommended lifting the cap after a public consultation.
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"As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth across the capital," Sunak said.
The increase comes alongside other several other measures in the Budget designed to help bricks and mortar retail, including a £5bn fund for businesses forced to close during the latest lockdown.
Sunak will also extend the furlough scheme until September, meaning the wage subsidy scheme will run for months after Covid restrictions are expected to end.
More to follow
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