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.
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At present, there is little reliable information to quantify how much is likely to be held where.
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.
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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.”
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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.”
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.
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Everton manager Sean Dyche randomly pops up in the music video for Blossoms’ new single – and he’s great
Danny Jones
Did anyone else think they’d ever see Sean Dyche make his acting debut in the role of a Northern crime boss in a silly little music video for the Blossoms?
No, us neither but that’s the bizarre alternate reality we’re living in, apparently.
Blossoms are currently working on the fifth studio album and have already released their lead single entitled, ‘To Do List (After The Break-Up)’, but now they have a new song out as well, with a rather amusing music video to go along with it and somehow Sean Dyche has found himself the star.
The Stockport band teased the curious collaboration in April, giving us just short glimpses of the Everton manager and former Burnley boss with very little explanation – all we know is that it looked funny and it was.
Dyche is still busy trying to finish the Premier League campaign as strong as possible after successfully navigating the Toffees to safety even in spite of their points deductions this season, but it sounds like keeping them up has given him enough time to moonlight as an actor.
Sending the indie five-piece on a mission to collect something of value (yes, that’s all the info we have at this point as the story is still to be continued), it looks like the Kettering-born coach has a larger role to play in whatever this narrative turns out to be.
Playing what can only be described as some kind of semi-Manc mafia figure on the hunt for a very valuable piece of art, i.e. a big giant gorilla statue – one that many Stopfordians spotted being lugged around various parts of the borough –
They also shared a little bit of BTS footage from the shoot for the music video last week. Some lovely head-bobbing and unassuming surroundings here:
As for the track itself, it’s a bit of stylistic change for the lads who’ve mastered their 80s-tinged indie formula over the past decade but it’s an absolute pop and is already stuck in our heads.
Revealing that they’ve collaborated with contemporary funk, disco and electronic icons Jungle on the track, it doesn’t take too long to hear the influences. Look forward to hearing it at Wythenshawe Park this summer.
You can watch the music video for ‘What Can I Say?’ and the ginger-goatee’d football manager extraordinaire in full character HERE.
He’s not the only footballing figure who’s made an entertainment crossover recently either.
Featured Images — Blossoms (via YouTube)/Virgin EMI
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KFC have launched their own perfume – oh, and a new burger
Danny Jones
Fast food giants KFC have launched their very own perfume in one of the weirdest marketing stunts we’ve seen in a long while.
That being said, we definitely want a bottle.
KFC‘s fried chicken-themed fragrance launches next month and is fashionably named ‘No 11 Eau de BBQ’, a nod to their newest menu item, the Ultimate BBQ Burger, which we also want in our possession as soon as humanly possible.
The franchise’s new signature scent launches in just a week’s time and, yes, you can genuinely buy it along with the new burger for a limited time only.
The UK-only release actually sold out when it came to pre-orders but Brits will be able to get their hands on another batch when the second lot drops on 7 May.
Promising a charcoal and smoky wood-scented aroma that immediately transports you to your mate’s back garden as he turns cheap burger patties into overly blackened dry pucks of meat that you definitely would’ve cooked better if you were in charge, the stunt is also helping raise money for non-profits.
Available in 100ml bottles and for just £11, 100% of the proceeds of every sale will go towards the KFC Foundation, which supports grassroots organisations empowering young people to unleash their potential and build a positive future in local communities across the country.
As for the burger that inspired it, the special edition menu item is a nod to BBQ season gradually approaching and they’ve even made a nod to our famously reliable British weather and its attempts to derail the art of outdoor grilling in a new advert.
KFC perfume and a new burger? Christmas has come well early this year.
The Ultimate BBQ Burger has already launched and will be on the menu until 9 June, priced at £6.49 or £9.99 for a box meal which comes with the burger, a regular mini fillet, regular fries, BBQ sauce and a drink.
And don’t worry, it’ll be available on delivery too — we know we’ve had problems with that when it comes to specials in the past.
As KFC’s No 11 Eau de BBQ perfume, you can wait in the online queue like everyone else HERE and let’s just say you’ll be fighting us and plenty of other Mancs for every last drop.