Reintroducing cash parking meters in Barnet would have “significant financial implications”, the councillor in charge of policy has warned.

Barnet Borough Council announced this morning it has charged a five-person panel with the task of assessing the success of the borough’s controversial switch to pay-by-phone.

The task and finish group, made up of Conservative and Labour councillors, will look at the possibility of reintroducing cash parking before making their recommendations to the council’s cabinet committee.

But Councillor Dean Cohen, cabinet member for environment, which includes parking, warned that any U-turn must be financially sound.

He said: “There is obviously a significant financial implication to introducing cash meters and that money will obviously have to be found from somewhere.”

“I have already conducted a review of parking across the high street over the past year and that has been a real success. I am now looking at a complete review of parking policy in the borough including the wider impact of parking charges and restrictions.

“We have already conducted some focus groups with residents on the early stages of this. I will be very interested to see the conclusion of the task and finish group which will be a useful contribution to this review.”