BANKS may face cash shortages next week as security workers who transport tens of millions of pounds in cash every day are to strike against low pay.

Their union GMB warned the strike could mean a shortage of cash for high street banks, the Bank of England and major supermarkets over Christmas.

The G4S workers have highlighted that the huge multinational corporation was bought by US conglomerate Allied Universal for £3.8 billion last year.

Yet it is proposing a real-terms pay cut for its front-line workers with a below-inflation pay increase of 6.5 per cent.

The workers have voted for strike action by 97 per cent and action is scheduled to begin at 3am on Monday.

G4S says it has “contingency plans” for the strike, but GMB warned the company against hiring staff from uncertified scab agencies to undertake the work.

The union has written to the Bank of England warning it of the potential chaos of cash shortages over Christmas.

GMB national officer Eamon O’Hearn said: “G4S Cash staff are low paid workers doing a dangerous job, transferring the cash so many of us still rely on every day.

“All they are asking for is a wage they can live on, where they’re not worried about their bills or providing for their families.

“These staff provide a vital service. If they walk out, there is a real risk of cash shortages over the festive period.”

G4S delivers notes and coins to customers who include Barclays, HSBC and Santander banks, supermarket chains Tesco, Morrison, Asda and Aldi, and pub chain Wetherspoons.

A Bank of England spokesman said the effectiveness of banknote distribution is its priority and will continue to engage with relevant stakeholders, including G4S.