What has happened to the missing £50 BILLION in UK banknotes?

Where has all the money gone? With £50 million missing, someone would need a pretty big sofa to have it all stashed down the back.

MPs are getting their knickers in a knot after around three-quarters of all the UK banknotes in existence dropped out of circulation.

The House of Commons’ public accounts committee has said the cash – £50 billion of it – might be supporting the so-called “shadow economy”.

It could also be overseas or tucked away in homes, unreported.

This Writer thinks there could be a perfectly reasonable explanation. For example, does anybody remember, when the crisis flared up, we were told that we could be unwittingly transmitting the virus via money, which passes unwashed through many pairs of hands as it is exchanged for goods and services?

Also, people no longer trust the banks and have been stockpiling cash to cope with the Covid crisis – and ahead of the financial disaster that we call Brexit.

Remember that banks provide information on your savings to the government, and this can affect the value of benefit claims.

At a time when huge numbers of people are trying to claim state support to get through this short-term pandemic, doesn’t it make financial sense to keep as much as possible in reserve, in the form of physical notes?

I’m not saying it’s an attitude that is particularly helpful to governments – but it has become abundantly clear since March that Boris Johnson’s wishes are not the same as ours.

Personally, I don’t have anything stashed away. As This Site has been able to keep operating in spite of the pandemic, I have not had reason to. Most of my transactions are carried out via card.

But I know I’m among the lucky ones. Millions of people have lost income – or lost their jobs altogether – only to find that they do not qualify for the support schemes offered by Johnson.

What are they supposed to do – lie down and die?

Most people have a bit more life in them than that.

They’ll do what they have to, in order to survive.

If that means stashing away some cash in the belief that the legendary “rainy day” has come, then that’s what they’ll do.

If it means resorting to this “shadow economy”, they’ll do that as well – and Johnson will have been the one who pushed them to it.

Of course, some of us have been having fun with it:

Source: Call for probe into ‘missing’ £50bn of UK cash – BBC News

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4 thoughts on “What has happened to the missing £50 BILLION in UK banknotes?

  1. Stu

    I may be a bit old-fashioned but I prefer to have a little cash around for emergencies.
    The other advantage being that the Government can’t track every penny that I spend, it’s use or location and that’s the crux of this matter.

    It’s easy to assume that it’s all being used in dodgy deals by criminials but I wonder how many MPs prefer cash dealing in their own businesses to avoid taxation.

  2. Jeffrey Davies

    Of course don’t forget our lustrous MPs leaders and such who have offshore accounts have they stashed away extra cash has they cry out for more

  3. Growing Flame

    We shouldn’t forget that bank rates are so low that there is little point in squirrelling cash away in ISAs or other savings accounts. Just keep it at home so there is no record of it.
    As you say, the Tories are responsible for running an economy that pays so little in wages , and has such a threadbare welfare safety net, that people are forced to ignore any symptoms of Covid, or ignore it if a work colleague is suffering, as they dare not lose their income by self-isolating.
    So we keep cash in the house to tide us over if we really need it. But carry on at work otherwise.

    Another example of how the UK was completely unprepared for a pandemic. Health Service cut to the bone. Not enough health workers. Not enough Care Homes. Untrained Care staff on minimum wages.
    Businesses run to maximise income for the owners so that the actual business runs out of cash at the slightest shock.
    And a workforce that cannot afford to give up work for even two weeks without suffering financial disaster.

Comments are closed.