Tuesday, January 25, 2022

Tag: 2p

Pushers’ future safe as Treasury confirms 2p coin will stay

Two pence safe
Britain’s 2 pence coin is safe. The Treasury has ensured the coin’s role in everyday currency and in so doing handed a lifeline to the quintessential symbol of seaside traditions - the pusher machine. The long-term future of the pusher has been saved after the government confirmed it is abandoning plans to get rid of the 2p coin. Last weekend the...

Opposing change? The price impact of removing the penny

Bank of England
In the Bank of England blog site Bank Underground, BoE analysts Marilena Angeli and Jack Meaning explain how removing the 1p and 2p coins would impact inflation. Would removing the 1p and 2p coins from circulation cause inflation? Or deflation? Or neither? Our analysis, and the over-whelming weight of literature and experience, suggests it would have no significant impact on...

Ditching the 2p would “decimate the industry”

Following a report from the Bank of England stating that the removal of 1p and 2p coins would cause “no economically significant impact on inflation”, CEO of Bacta John White and president of Euromat Jason Frost rushed on to local and national radio to set the record straight. Removing the 2p would “decimate the industry”, according to operator and Euromat president...

Osborne planned 2p removal and a move to a cashless society by 2020

Coinslot - Osborne 2p
George Osborne previously attempted to scrap the 1p and 2p pieces in 2015 in a move towards “modernising” society but the change was blocked by David Cameron.   Former chancellor of the exchequer George Osborne came within weeks of announcing plans to take 1p and 2p pieces out of circulation - in a move that would have meant enormous consequences for...