£50 billion in UK Cash missing!

[rjfp1962]

£50 billion in UK Cash is "missing" - Probe being called for...!
Check under your sofa's and mattress....!

https://www.bbc.co.uk/news/business-55173402

Edited by rjfp1962 on Friday 4th December 17:53

[anonymous-user]

It isn’t missing. The Bank of England doesn’t know where it is. But, as it doesn’t belong to the Bank of England, it has no reason to know - or care about - the whereabouts of the money

[hutchst]

Just another example of what a bunch of morons purport to represent us at Westminster. As the Bank of England spokesperson said "Members of the public do not have to explain to the bank why they wish to hold banknotes. This means that banknotes are not missing."

[Cold]

I've got about £35 in coins in a pot by the front door. That includes at least five of the old style pound coins.

[Misanthrope]

BBC Article said:

There is nothing wrong with stashing cash rather than spending it, assuming it is secure.

But that makes little sense for your average saver who could get some interest, however small, by keeping it safely in a bank or building society.

Yes, they could keep it "safely" in a bank. And the government could announce overnight that a haircut will be applied to all bank accounts, or all over a certain threshold. They can't do that if you've got it in cash under the floorboards.

[Getragdogleg]

Just wait until the "old" twenty become obsolete. I'm betting a portion of the missing money surfaces just before that.

[Mojooo]

Should we do an India and reset all our banknotes?

[anonymous-user]

Misanthrope said:

Yes, they could keep it "safely" in a bank. And the government could announce overnight that a haircut will be applied to all bank accounts, or all over a certain threshold. They can't do that if you've got it in cash under the floorboards.

I've always thought it a pretty stupid thing to do especially long term. Inflation will just erode the value over time.

[eldar]

Misanthrope said:

Yes, they could keep it "safely" in a bank. And the government could announce overnight that a haircut will be applied to all bank accounts, or all over a certain threshold. They can't do that if you've got it in cash under the floorboards.

Cyprus did that, or something similar. Or am i imagining it?

[Thin White Duke]

Getragdogleg said:

Just wait until the "old" twenty become obsolete. I'm betting a portion of the missing money surfaces just before that.

I was going to mention that. I've always wondered what these people who horde cash do when notes cease to be legal tender.

[Misanthrope]

eldar said:

Cyprus did that, or something similar. Or am i imagining it?

Yes, they did it. I believe it is now also part of our plan if there is a repeat of the 2008 Financial Crisis.

[Smiljan]

Getragdogleg said:

Just wait until the "old" twenty become obsolete. I'm betting a portion of the missing money surfaces just before that.

Cash in hand tradesmen? or little old ladies hiding it under the bed?

[irc]

Thin White Duke said:

Getragdogleg said:

Just wait until the "old" twenty become obsolete. I'm betting a portion of the missing money surfaces just before that.

I was going to mention that. I've always wondered what these people who horde cash do when notes cease to be legal tender.

Go to the bank and swap for new ones.

https://www.which.co.uk/news/2019/09/what-to-do-if...

[Rob_125]

A quick calculation says this is around £8300 per head of uk population. There are many explanations for this:

People holding cash (when it came to clearing the grandparents house, they found well over 100k), lost and destroyed notes, holiday money which is never spent.

Personally I hold very little actual cash, maybe £20 in the wallet, but have a couple hundred in shrapnel in a big jar.

[Sophisticated Sarah]

I was helping a friend clear his grandmother’s home a few years back. We noticed a cut in the carpet so pulled it back to find an opening in the floorboards. Was just over £50k hidden there

What surprised me the most was how little it looked at first glance.

[red_slr]

Mojooo said:

Should we do an India and reset all our banknotes?

That was due to inflation though wasnt it?

[dundarach]

I wonder if they count old notes.

I found £20 in old £10's when I was clearing my mums out...

[Saleen836]

Going to guess most of the 'missing' banknotes are being held by drug dealers, lets face it, they can't really bank large sums can they

[Vizsla]

Saleen836 said:

Going to guess most of the 'missing' banknotes are being held by drug dealers, lets face it, they can't really bank large sums can they

I seem to remember that Escobar's lot had so much cash that they were actually storing it floor to ceiling in large barns, and up to 10% was being written off as it was being eaten by rats!

[rjfp1962]

And there is the "Cash-In-Hand" and no receipt payment method to avoid tax....!