Tag Archives: banknotes

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

Have YOU donated to my crowdfunding appeal, raising funds to fight false libel claims by TV celebrities who should know better? These court cases cost a lot of money so every penny will help ensure that wealth doesn’t beat justice.


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