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Experts baffled as £50 billion worth of banknotes have 'gone missing'


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  • கருத்துக்கள உறவுகள்

Experts baffled as £50 billion worth of banknotes have 'gone missing'

The National Audit Office say they have no idea of the whereabouts of the cash, which is not being used for transactions or savings

0_Piles-of-ten-pound-notes.jpg(Image: Surrey Advertiser)

Experts are baffled about the whereabouts of about £50-billion worth of banknotes which are supposed to be circulating through the UK economy.

A report by the National Audit Office (NAO) has admitted that it knows next to nothing about the cash, which is not being used for transactions or identified as savings held by UK households.

It has said that some may have ended up being stashed overseas, stuffed under mattresses or stocked up for use in the 'shadow economy' - of off the books cash transactions.

But there is little reliable information to quantify how much is likely to be held where, the NAO said - and called for a new system to map where the UK's physical money ends up.

Five public bodies – the Treasury, the Bank of England, the Royal Mint, the Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR) – play a role in administering or overseeing the cash system.

0_Inflation-figures.jpg
(Image: PA)

But these bodies lack a shared view of what a good outcome for the consumer looks like and how the costs of achieving this are to be taken into account, the NAO’s report said.

There is no single body with responsibility for overseeing how well the cash system is performing.

The NAO said when fieldwork was carried out, the Mint had no plans to produce new 2p or £2 coins for at least 10 years.

Gareth Davies, the head of the NAO, said: “As society progresses towards the wide use of digital payments, the use of cash in transactions is dwindling. It may become harder for people to access cash when they need it and those without the means to pay digitally will struggle if cash is not accepted."

He added: “HM Treasury now works more closely with the public bodies in the cash system to achieve the Government’s goal of safeguarding access to cash. However, the approach is fragmented, and it is not clear that the action being taken will keep up with the pace of change.”

Ten years ago, cash was used in six in 10 transactions, but by 2019 it was used in fewer than three in 10. Forecasts suggest it might be one in 10 by 2028.

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  • கருத்துக்கள உறவுகள்
51 minutes ago, விவசாயி விக் said:

Experts baffled as £50 billion worth of banknotes have 'gone missing'

The National Audit Office say they have no idea of the whereabouts of the cash, which is not being used for transactions or savings

0_Piles-of-ten-pound-notes.jpg(Image: Surrey Advertiser)

Experts are baffled about the whereabouts of about £50-billion worth of banknotes which are supposed to be circulating through the UK economy.

A report by the National Audit Office (NAO) has admitted that it knows next to nothing about the cash, which is not being used for transactions or identified as savings held by UK households.

It has said that some may have ended up being stashed overseas, stuffed under mattresses or stocked up for use in the 'shadow economy' - of off the books cash transactions.

But there is little reliable information to quantify how much is likely to be held where, the NAO said - and called for a new system to map where the UK's physical money ends up.

Five public bodies – the Treasury, the Bank of England, the Royal Mint, the Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR) – play a role in administering or overseeing the cash system.

0_Inflation-figures.jpg

(Image: PA)

But these bodies lack a shared view of what a good outcome for the consumer looks like and how the costs of achieving this are to be taken into account, the NAO’s report said.

There is no single body with responsibility for overseeing how well the cash system is performing.

The NAO said when fieldwork was carried out, the Mint had no plans to produce new 2p or £2 coins for at least 10 years.

Gareth Davies, the head of the NAO, said: “As society progresses towards the wide use of digital payments, the use of cash in transactions is dwindling. It may become harder for people to access cash when they need it and those without the means to pay digitally will struggle if cash is not accepted."

He added: “HM Treasury now works more closely with the public bodies in the cash system to achieve the Government’s goal of safeguarding access to cash. However, the approach is fragmented, and it is not clear that the action being taken will keep up with the pace of change.”

Ten years ago, cash was used in six in 10 transactions, but by 2019 it was used in fewer than three in 10. Forecasts suggest it might be one in 10 by 2028.

இப்ப புரிஞ்சிருச்சு..... என்னடா கிருபன் யாழையே வாங்கிற பிளானிலை திரியிறார் எண்டு நினச்சேன்...

ஒரு பில்லியனிலை, ஒரு மில்லியன் ஆவது சிக்கி இருக்கும்... 😁 😜

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  • கருத்துக்கள உறவுகள்
11 hours ago, Nathamuni said:

இப்ப புரிஞ்சிருச்சு..... என்னடா கிருபன் யாழையே வாங்கிற பிளானிலை திரியிறார் எண்டு நினச்சேன்...

ஒரு பில்லியனிலை, ஒரு மில்லியன் ஆவது சிக்கி இருக்கும்... 😁 😜

சிறி லங்காவிற்கு பத்து வருடத்திற்கு சோறு போடும் காசு.  சாதாரண பிரித்தானிய குடிமகன் ஆயிரம் பவுண் மறைத்தால் வரி திணைக்களம் வரிந்து கட்டிவிடும்.  ஊசி போகும் இடம் தெரியும் ஆனால் டைட்டானிக் போகும் இடம் தெரியாது.  

 

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