{"id":217023,"date":"2020-09-18T10:29:40","date_gmt":"2020-09-18T09:29:40","guid":{"rendered":"http:\/\/www.fiveminutesspare.com\/news\/?p=217023"},"modified":"2020-09-18T10:29:53","modified_gmt":"2020-09-18T09:29:53","slug":"50-billion-in-cash-is-missing","status":"publish","type":"post","link":"https:\/\/www.fiveminutesspare.com\/news\/50-billion-in-cash-is-missing\/","title":{"rendered":"\u00a350 Billion In Cash Is Missing"},"content":{"rendered":"

It has been revealed that around \u00a350 billion in cash is missing in the UK, despite the use of bank notes halving since around 2010.<\/strong><\/p>\n

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The most commonly used notes are \u00a310 and \u00a320 notes.<\/p><\/div>\n

The national audit office says no one actually knows why there are so many missing notes, or why the demand for cash has been rising for a while now, despite use halving. It may be worth checking around your house for money – because \u00a350 billion missing is equivalent to around \u00a31,000 per person in the UK.<\/p>\n

Some realistic theories, unlike ones that suggest everyone has lost a grand somehow, include people keeping their money in cash due to saving rates being low, and trust in banks being lost.<\/p>\n

Other theories include ones that concern criminals. Cash is mostly off the books; it doesn\u2019t leave much of a trail so it\u2019s the way most deals will probably be made in the criminal underworld. Tax evaders and more sophisticated criminals could have also taken some money abroad, to hide it from the government.<\/p>\n

It\u2019s also obvious to point out that many notes will have simply been destroyed or lost by people, which could amount to more than we realise!<\/p>\n

The National Audit Office has also criticised the BOE for a lack of knowledge over where their money has gone.<\/p>\n

They said in a report: \u201cThe Bank, working with other public authorities, should improve its understanding of both the factors that are driving the increase in demand for notes, and also who is holding the approximately \u00a350 billion worth of notes where there is currently a lack of information.<\/p>\n

\u201cThis work might help inform wider policy, for example on tax evasion.\u201d<\/p>\n

If around 1 in 20 of the lost notes can be recovered, that would be around \u00a380 per person in the country, which isn\u2019t that much of a stretch. Including coins, we probably have lost around \u00a380 of cash, each, in our lifetime.<\/p>\n

What\u2019s even more strange is that this comes as the use of cash is at its lowest usage ever, after the decline was heavily accelerated by the coronavirus pandemic, and people not wanting to handle notes with their hands.<\/p>\n

It\u2019s doubtful even half the lost cash will be found, because it is likely lost or in the hands of criminals, but the Bank of England needs to gain a clearer understanding of where it\u2019s gone – if at all possible.<\/p>\n","protected":false},"excerpt":{"rendered":"

It has been revealed that around \u00a350 billion in cash is missing in the UK, despite the use of bank notes halving since around 2010. The national audit office says no one actually knows why there are so many missing notes, or why the demand for cash has been rising for a while now, despite…<\/p>\n","protected":false},"author":57,"featured_media":12695,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"footnotes":""},"categories":[5],"tags":[1347,1990,455,1989,1991,27,49,1302,149,71,101,43],"class_list":["post-217023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-news","tag-bank","tag-bank-news","tag-bank-of-england","tag-banking","tag-banking-news","tag-cash","tag-finance","tag-financial-news","tag-money","tag-news","tag-uk","tag-uk-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/217023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/comments?post=217023"}],"version-history":[{"count":1,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/217023\/revisions"}],"predecessor-version":[{"id":217036,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/217023\/revisions\/217036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/media\/12695"}],"wp:attachment":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/media?parent=217023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/categories?post=217023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/tags?post=217023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}