Call for probe into ‘missing’ £50bn of UK cash
Article summary
UK banknotes The Bank of England should be trying to track down £50bn of “missing” UK currency, a committee of MPs has said. The committee said there were “implications for public policy and the public purse” if a material proportion of that large volume of banknotes was being used for illegal purposes. […] A Bank of England spokesperson said: “It is the responsibility of the Bank of England to meet public demand for banknotes. […] Depending where it is and what it’s being used for, that amount of money could have material implications for public policy and the public purse. […] Demand for banknotes has steadily gone up, although their use is in decline, but the Bank of England does not “appear to have a convincing reason for why the demand for notes keeps increasing”, says the committee in a report.
