Eldorado 55,847 #1 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 Share this post Link to post Share on other sites
L.A.T.1961 1,839 #2 Posted September 18, 2020 The gig/black economy. Reminds me I need to check under the bed. 1 2 Share this post Link to post Share on other sites
third_eye 49,816 #3 Posted September 18, 2020 Everyone start digging the yard, then try the lawn... ~ 2 Share this post Link to post Share on other sites
Eldorado 55,847 #4 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 Share this post Link to post Share on other sites
itsnotoutthere 4,896 #5 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 Share this post Link to post Share on other sites
Setton 8,585 #6 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? Share this post Link to post Share on other sites
quillius 3,107 #7 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 Share this post Link to post Share on other sites
Setton 8,585 #8 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. Share this post Link to post Share on other sites
