A public spending watchdog has stated that around £50 billion worth of banknotes in UK circulation are currently unaccounted for.
What does this mean though?
Well, in simple terms, this means that there’s a heck of a lot of money out there and no one actually knows where it is.
It could be in the pockets of a pair of jeans not warn in a while, at the bottom of a handbag, stashed down the side of the sofa, or even placed into overseas holdings, but it for sure isn’t being spent in shops or kept in savings accounts.
The National Audit Office (NAO) – the watchdog that made the claim – said that little is known about the massive amount of cash and there’s even suggestions that it might be being held for use in the “shadow economy”, which includes, but is not completely limited to, money that comes from illegal endeavours.
ADVERTISEMENT
At present, there is little reliable information to quantify how much is likely to be held where.
PickPik
Five public bodies – the Treasury, the Bank of England, the Royal Mint, the Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR) – play a role in administering or overseeing the cash system.
ADVERTISEMENT
The NAO said that a “fragmented” approach is being taken by these bodies and a co-ordinated effort is needed.
Gareth Davies – the head of the NAO – explained to The Metro that: “As society progresses towards the wide use of digital payments, the use of cash in transactions is dwindling.
“It may become harder for people to access cash when they need it and those without the means to pay digitally will struggle if cash is not accepted.”
ADVERTISEMENT
He continued: “HM Treasury now works more closely with the public bodies in the cash system to achieve the Government’s goal of safeguarding access to cash, however the approach is fragmented, and it is not clear that the action being taken will keep up with the pace of change.”
Bank of England
It comes after it was announced last week that the Royal Mint has no plans to produce new 2p or £2 coins for at least 10 years, with the NAO saying it could take at least a decade for current stocks of the coins to run out.
Coin production shrank by 65% in the last decade to 383 million UK coins a year in 2019-20, from around 1.1 billion in 2010-11.
The NAO also said that it is likely the coronavirus (COVID-19) pandemic has potentially accelerated the decline.
Industry data suggests market demand for notes and coins from cash centres plunged by 71% between early March and mid-April, however cash use appears to have been recovering more recently as businesses have re-opened.
The NAO said older people and those on low incomes are particularly likely to rely on cash.
Trending
Rio Ferdinand is stepping away from TNT Sports after more than a decade
Danny Jones
Manchester United legend and ex-England international Rio Ferdinand has announced he will be stepping away from TNT Sports, leaving more than a decade with the broadcaster.
Ferdinand has spent the best part of the last 10 years serving as a leading pundit and analyst, as well as hosting his own ‘Rio Meets’ online series – the interview format of which has been replicated on his YouTube channel.
However, after having been one of their main anchors both under the BT Sport and even more so since the inception of the rebranded TNT Sports Football umbrella, the 46-year-old has confirmed he has now quit their regular coverage following the Champions League final this weekend.
In a lengthy statement on social media, the ex-Man United defender, who also played for Leeds, West Ham, Bournemouth and QPR, described it as a “difficult decision.”
Taking time to thank the network for their “tremendous support” over the years, especially those “behind the scenes, whose work often goes unseen but has been essential to our success.”
The talented centre-back retired in May 2015 after more than 500 appearances and 81 national team caps, making an almost immediate switch into punditry and remaining a household name.
Rio has also remained a popular figure at Old Trafford and, indeed, across various parts of Manchester since leaving United in 2014.
For instance, his self-titled Foundation has carried out some truly transformational local outreach across various boroughs, as it has back in his home city of London.
Responding to the news, TNT Sports said nothing more than “Thanks for everything, Rio”; meanwhile, fellow former Red, Danny Simpson (who retired last year and also works as a pundit/presenter for MUTV) added: “You’re going to be missed, bro. Every time you’re on, you give us all the mad insight.”
However, he has promised he will remain in the media industry, continuing to work under the Rio Ferdinand Presents digital brand and pursuing “other business interests”.
With his ‘Rio Reacts’ and ‘Vibe with FIVE’ series regularly raking in millions of views, he might not be on the box during European nights but you’ll still be seeing plenty of him.
Rare bat-eared foxes have arrived at Chester Zoo for the first time in more than 30 years
Emily Sergeant
It’s time to say a big hello, as rare bat-eared foxes have now arrived at Chester Zoo.
The two sisters, named Maasai and Malindi, have been welcomed by conservationists after travelling more than 500 miles from a zoo in Paris, and they are the first mammals of their kind to come to Chester Zoo in more than 30 years.
First images show the pair exploring their home in the zoo’s new Heart of Africa habitat – which officially opened to the public back in March, and is the largest zoo development ever undertaken in the UK, spanning more than 22.5 acres in size.
The adorable – but rather unique-looking – bat-eared fox is named after its distinctive oversized ears and is native to the open savannahs and arid grasslands of eastern and southern Africa.
They live for around 13 years on average, and their characteristically large ears help regulate their body temperature and enhance their incredible hearing, allowing them to prey like detect insects moving underground.
The species faces increasing threats in the wild, largely due to the loss of their habitat caused by agriculture, human encroachment, and hunting.
This is why Chester Zoo has long been at the forefront of protecting African wildlife.
Its teams’ have been supporting everything from the safe translocation of northern giraffes to protected national parks in Uganda, to developing cutting-edge AI trail cameras to protect giant pangolins from illegal trafficking in recent years.
Bat-eared foxes have arrived at Chester Zoo for the first time in 30 years / Credit: Chester Zoo
“It’s incredibly exciting to welcome bat-eared foxes back to Chester Zoo after a 30-year hiatus,” commented David White, who is the Twilight Team Manager at Chester Zoo.
“Both Maasai and Malindi are settling in well so far, spending much of their time exploring their expansive home and getting to know their new housemates – a family of twelve Cape porcupines. These two species would often come across one another in the wild, so we’ve recreated this right here at Chester.
“In time, we hope to introduce one of the two sisters to a male fox, with the hope that we can contribute to the European conservation breeding programme, helping to ensure there’s a healthy, genetically diverse back-up population in human care.
Emily Sergeant -
21st September 2020 
