London Daily

Focus on the big picture.
Friday, Jun 20, 2025

MPs call on Bank of England to track down £50 billion in ‘missing’ money

MPs call on Bank of England to track down £50 billion in ‘missing’ money

The UK Public Accounts Committee says the Bank of England should “get a better handle” on Britain’s currency, after a report showed three-quarters of all UK banknotes in existence are not used in transactions or held as savings.
Chair of the Public Accounts Committee and Labour MP Meg Hillier criticised the Bank of England for failing to keep track of the money, declaring that it is “stashed somewhere, but the Bank of England doesn’t know where, who by or what for, and doesn’t seem very curious.”

The National Audit Office (NAO) published the report in September, and it investigates the changing nature of the production and distribution of cash, noting a dramatic decline in its use by the public, as banknotes were used in only three out of every 10 transactions in the country last year.

With only 20-24 percent of notes in circulation being used or held for transactions, the NAO has sought to find explanations for the location of the other funds, suggesting it could be held overseas, in savings that are not registered or used in the shadow economy, an underground system that includes illegal activity and unreported gains.

The concern among MPs is that the minimal oversight conducted by the Bank of England into the location of these banknotes allows individuals to use them for illicit purposes, as, unlike digital payments, it can change hands quickly and without leaving a trace.

In an attempt to rectify the situation, the NAO recommended that the UK Treasury and public bodies who are responsible for overseeing the cash system work together more effectively to safeguard access to cash, launching a coordinated effort to prevent vulnerable people who rely on cash from being excluded from financial society and reducing the risk of future notes going ‘missing.’

A Bank of England spokesperson disputed the description of the situation put forward by the committee and the report, stating that “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.”
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×