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.
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.
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.”
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
Everton are reportedly already hoping to sign Jack Grealish from Manchester City permanently
Danny Jones
Everton FC are reportedly already considering signing Jack Grealish on a permanent deal after an impressive start to his spell on loan from Manchester City.
The former Aston Villa talisman has struggled to remain in the starting XI under Pep Guardiola since joining the club in 2021, but since arriving on Merseyside, he’s already been a difference-maker in every match for the Toffees thus far.
Grealish has not only registered four assists in just two starts for Everton but also won the very first player of the month award in the Premier League this season for his contributions.
Safe to say he’s fast made a big impact over in Liverpool – hence why it is now thought that manager David Moyes wants to make his transfer permanent.
Becoming just the 10th Toffee to ever win the accolade, the Birmingham-born creator is now thought to be the primary transfer target, despite the summer window having only recently closed.
He writes that despite the deal between Everton and Man City already including a £50 million option to buy next summer, that number is “not fixed and is more a consequence of accounting than a set price.”
The England international still has two years on his contract in the blue half of Manchester, but the previous valuation (which is half the amount City paid for him in a then record fee for a British player), so it is believed that he could be signed for an even better cut-price offer as his deal runs down.
Put it this way, it looks like the supporters would do just about anything to keep him at the Hill Dickinson.
Jack Grealish giving his shirt to an Everton fan after their brilliant win away at Wolves today.
Bascombe goes on to explain, however, that his salary considerations could be a significant obstacle. Grealish is estimated to be earning approximately £12m a year, which is almost certainly too rich for Everton’s blood.
Taking that into account, it’d be a case of whether or not the Brummy forward would be willing to accept a much lower wage to depart the Etihad Stadium for Everton long-term; alternatively, waiting for him to become a free agent in a few transfer windows’ time would also be an option.
What about you, Blues: would you like to see Jack Grealish stay and fight for his place under Guardiola, or would you understand/support him making his Everton permanent?
Interestingly, there could be yet more shuffling of the pack in the middle of the park for Pep, as a forgotten man is apparently going to be given another chance to revive his City career…
Kalvin Phillips is reportedly set to be reintegrated into the Manchester City squad
Danny Jones
Long-exiled Manchester City player Kalvin Phillips is reportedly on the verge of being reintegrated into Pep Guardiola’s squad this season.
The ex-Leeds United star, who signed for the Blues back in 2022, has still only made just 16 appearances for the club, but could now be eyeing up a potential renaissance.
Man City have made plenty of signings this year, but with a number of outgoings and several injuries in key positions, it looks like there could be an avenue for the one-time England international to fight his way back into the team.
As per Telegraph Sport‘s Mike McGrath, Kalvin Phillips is set to be reintroduced to City’s 25-man Premier League selection; the question is, can he make it into a first-team XI?
🚨 EXCLUSIVE: Kalvin Phillips has chance to resurrect career at the Etihad Stadium after failed loan spells with Ipswich and West Ham
According to McGrath, Phillips will be “given a chance to resurrect his career at the Etihad Stadium” with the meat and potatoes of the 2025/26 campaign still yet to get properly underway.
Now 29, the Yorkshireman is well and truly within the crucial ‘prime’ years as an athlete, and after such an extended period on the sidelines, he’ll be more motivated than anyone to get his career back on track.
The central defensive midfielder – who was formerly considered a key cog in the middle of the park for Leeds – has spent two loan spells away from the Etihad, but neither really worked out for the undeniably talented footballer.
Having joined West Ham for the latter portion of the 23/24 term and spending the last 12 months on loan at struggling Ipswich Town, his time at both clubs was pretty forgettable, punctuated by little more than a couple of unfortunate red cards and more time on the bench.
Speaking to Sky Sports fairly recently, he confessed that the last couple of years have been very difficult and was visibly emotional discussing his struggles since moving to Man City.
It’s also worth noting that Guardiola himself has admitted to feeling “so bad” for Kalvin Phillips’ situation – perhaps why he now looks like he could be given a second chance.
CDM-wise, Rodri and Nico González are considered the go-to options, but Stockport-born Rico Lewis and Mateo Kovačić have also been used in the role.
Once again, although Man City face somewhat of an injury crisis ahead of the Manchester derby this weekend, any prolonged absences could at least see an opportunity arise for the forgotten man.
What do you make of Kalvin Phillips’ chances of being restored to the Manchester City squad and maybe even putting himself back into national team contention ahead of the World Cup?
Emily Sergeant -
21st September 2020 
