FINANCIAL chiefs have lost track of £50billion of notes in circulation, says the public spending watchdog.Five public bodies, including the Bank of England, have lost track of £50billion of circulating notesInstead, it could be in overseas holdings, unreported domestic savings, or the shadow economy — but the National Audit Office report says little is known about how much is where.
Five public bodies — the Treasury, Bank of England, Royal Mint, the Financial Conduct Authority and Payments Systems Regulator — oversee our cash system.In 2010, cash was used in six in ten transactions.PRICE IS TIGHTExact date to buy popular Christmas gifts revealed - it could save you £100sAsda launches massive toy sale with up to 50% off hundreds of toysBy 2019, it was fewer than three in ten, and by 2028 it could be one in ten.
"HM Treasury now works more closely with public bodies in the cash system to achieve the Government’s goal of safeguarding access to cash. “But the approach is fragmented, and it’s not clear the action being taken will keep up with the pace of change.” Blow for savers as Bank of England holds interest rates at 0.1% but prints £100bn in cash to help boost economy