Connect with us

Hi, what are you looking for?

United Kingdom

Bank of England told to find “missing” £50 billion in notes

More than £50 billion in notes is “missing” or “stashed away”, reports a Government committee.

The Public Accounts Committee said the Bank of England needs to “get a better handle on the national currency it controls”.

The committee said there are implications for everyone if no one knows what the money is being used for.

Advertisement

The Bank estimates 20% to 24% of issued notes are used in cash transactions.

It believes the missing £50 billion is used in overseas deals, held in savings, or used in a shadow economy.

It said: “The Bank of England does not appear to have a convincing reason for why the demand for notes keeps increasing – or any real understanding of where around £50bn of issued sterling notes are.”

Other major currencies are also reporting vast sums “lost”

However, the committee acknowledged that it is a trend being seen with other major currencies.

Meg Hillier, chairwoman of the Public Accounts Committee, said:

“In many areas where you can use cash you’d be hard pressed to find it, at least without paying an ATM fee that may be a substantial percentage of a small withdrawal – yet making frequent, small withdrawals can be a key budgeting tool for those on low incomes, and least able to afford those fees.

“Conversely, £50bn of sterling notes – or about three-quarters of this precious and dwindling supply – is stashed somewhere but the Bank of England doesn’t know where, who by or what for – and doesn’t seem very curious.”

 

 

Comments

Trending

Latest Tweets

Advertisement

You May Also Like

United Kingdom

Film director Ridley Scott has recalled the death of actor Oliver Reed while making the Oscar winning blockbuster Gladiator. Scott said hard-drinking Reed “just...

Business

The controversial Russian businessman Viktor Baturin, well-known for his years-long counterstanding with his wealthy sister Elena, widow of Moscow ex-mayor Yuri Luzhkov, is likely...

United Kingdom

The Tremeloes. Dave Munden centre Dave Munden the Tremeloes drummer – and often lead singer – with the 60s chart toppers has died. He...

United Kingdom

The Watneys Party Seven is making a comeback. The ubiquitous 70s beer was a bland fizzing bitter ridiculed by many. The drink’s insipidness helped...