Friday, November 16, 2018
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Tag: Bank of England

Look after the pennies

copper coins
The 2p coin may be a small denomination, but the role it plays in UK society is a big one, argues Sam Spencer. When the Bank of England put its first coin in the jar in 1694, it began Great Britain’s journey to become one of the largest, richest, and most powerful empires in the world. Almost 400 years later,...

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”

Coins
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...

“Stronger, safer, cleaner” polymer £10 to enter circulation

10 pound note polymer
More than one billion polymer £10 notes will enter general circulation this month, whilst the old note, featuring Charles Darwin, will expire in spring 2018.   The new tender, which depicts novelist Jane Austen, comes into circulation a year after the launch of the first plastic £5 note. Bank of England governor Mark Carney said: “The new £10 will be printed on...

Bank of England reject calls for new polymer note change

Bank of England reject calls for new polymer note change
Worrying calls for Britain’s five pound note switch-over to be reversed have been allayed, as the Bank of England has announced that any change in polymer material make up would be too costly. Complaining that the new tender contained animal fat, protesters urged the government to backtrack the change to the current, and all future polymer notes at a...

Bank of England provides insight into the future of cash

Coinslot - Bank of England Victoria Cleland
On the 50th anniversary of the ATM, Victoria Cleland, chief cashier and director of notes at the Bank of England, explains that rumours of a cashless society have been greatly exaggerated.   Analysing such statistics and the presence of a myriad of different payment types has led many to predict the death of cash. But if we dig further, it is...

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