Eldorado Posted September 18, 2020 #1 Share Posted September 18, 2020 (edited) In July 2020, the number of notes in circulation reached a record high of 4.4 billion, with a monetary value of 76.5 billion pounds, up from 24 billion pounds in 2000. But the National Audit Office said the Bank of England in 2018 estimated only about 20%–24% of the value of notes in circulation were being used or held for cash transactions, with UK households holding a further 5% as savings. “Little is known about the remainder, worth approximately 50 billion pounds,” The National Audit Office, Britain’s independent public spending watchdog, said in a report. Full monty at Reuters: Link Edited September 18, 2020 by Eldorado 3 1 Link to comment Share on other sites More sharing options...
L.A.T.1961 Posted September 18, 2020 #2 Share Posted September 18, 2020 The gig/black economy. Reminds me I need to check under the bed. 1 2 Link to comment Share on other sites More sharing options...
SHaYap Posted September 18, 2020 #3 Share Posted September 18, 2020 Everyone start digging the yard, then try the lawn... ~ 2 Link to comment Share on other sites More sharing options...
Eldorado Posted December 4, 2020 Author #4 Share Posted December 4, 2020 The Bank of England should be trying to track down £50bn of "missing" UK currency, a committee of MPs has said. The cash is not used in transactions or held as savings, but may be overseas, tucked away in homes unreported or being used in the "shadow economy". Full report at the BBC: Link Link to comment Share on other sites More sharing options...
itsnotoutthere Posted December 4, 2020 #5 Share Posted December 4, 2020 (edited) 3 hours ago, Eldorado said: The Bank of England should be trying to track down £50bn of "missing" UK currency, a committee of MPs has said. The cash is not used in transactions or held as savings, but may be overseas, tucked away in homes unreported or being used in the "shadow economy". Full report at the BBC: Link Sounds reasonable. https://www.theguardian.com/society/2012/oct/23/child-benefit-payments-outside-uk https://www.thesun.co.uk/news/10123884/1million-kids-in-romania-child-benefit/ https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.dailymail.co.uk/news/article-2864952/My-14-000-benefits-helped-build-house-Romanian-migrant-boasts-handouts-UK-helped-construct-home-wife-children-homeland.html&ved=2ahUKEwio_ZHHmLTtAhUzUhUIHaUhCU0QFjAMegQIGBAI&usg=AOvVaw3-PbHOfTpw6J6NQuKYls8b https://www.express.co.uk/news/uk/488813/Romanian-immigrant-I-want-to-make-40k-through-benefits-the-rest-I-ll-STEAL Edited December 4, 2020 by itsnotoutthere 1 Link to comment Share on other sites More sharing options...
Setton Posted December 4, 2020 #6 Share Posted December 4, 2020 3 hours ago, itsnotoutthere said: Sounds reasonable. https://www.theguardian.com/society/2012/oct/23/child-benefit-payments-outside-uk https://www.thesun.co.uk/news/10123884/1million-kids-in-romania-child-benefit/ https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.dailymail.co.uk/news/article-2864952/My-14-000-benefits-helped-build-house-Romanian-migrant-boasts-handouts-UK-helped-construct-home-wife-children-homeland.html&ved=2ahUKEwio_ZHHmLTtAhUzUhUIHaUhCU0QFjAMegQIGBAI&usg=AOvVaw3-PbHOfTpw6J6NQuKYls8b https://www.express.co.uk/news/uk/488813/Romanian-immigrant-I-want-to-make-40k-through-benefits-the-rest-I-ll-STEAL We're talking about actual physical cash here. Why exactly do you think people would take British notes overseas where they can't spend them? Link to comment Share on other sites More sharing options...
quillius Posted December 4, 2020 #7 Share Posted December 4, 2020 1 hour ago, Setton said: We're talking about actual physical cash here. Why exactly do you think people would take British notes overseas where they can't spend them? holidays and business. will these figures include banks and foreign exchanges overseas? ie I travel to Spain and exchange my sterling notes for Euros locally to get a better rate? Also in places like China, its common to transact in both Sterling and Dollars using cash..... albeit I dont think either of the above would account for the difference suggested but would make some inroads Link to comment Share on other sites More sharing options...
Setton Posted December 4, 2020 #8 Share Posted December 4, 2020 7 hours ago, quillius said: holidays and business. will these figures include banks and foreign exchanges overseas? ie I travel to Spain and exchange my sterling notes for Euros locally to get a better rate? Then the notes wouldn't be missing, would they? They'd be held by the currency exchange. Link to comment Share on other sites More sharing options...
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