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.
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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.”
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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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Rúben Amorim’s Man United press conference interrupted by Old Trafford roof leaking – again
Danny Jones
Manchester United manager Rúben Amorim has been given plenty doses of reality since arriving at Old Trafford but surely there can’t be any more telling than the stadium’s roof leaking into his press conference?
Poetic irony timed to perfection.
Not only did the new head coach have to sit in front of journalists as he tried to wrap his head around another Premier League implosion following the 3-0 home defeat to Bournemouth – a team now sat in fifth, it’s worth noting – but he also got to witness the condition the stadium first hand.
And when we say first hand, we mean literally right in front of his face.
In case you wanted a summary of how much work there is to be done at Man United, the roof started leaking during Ruben Amorim’s press conference. 💦
In this instance, not only was the leak internal but Amorim’s post-match press conference was actually briefly interrupted as drops of water fell on the desk in front of him.
You can hear reporters asking what it is (they knew full well) before United’s press officer can be heard off-camera asking them to quickly move on. Sports writer Sanny Rudravajhala quipped, “A new meaning to the leaks at #mufc”, in reference to dressing room talk and lineups still being fed to the media.
Make what you will of Amorim‘s expressions in this moment but let’s just say he can’t have been expecting to have to worry about things like this when he accepted the job.
A penny for the Portugueseman’s thoughts when he looked up and saw that leak coming from the ceiling:
The moment Ruben Amorim's press conference is interrupted by a leak at Old Trafford pic.twitter.com/gqc8fW20Om
Although many are deeply reticent to let the iconic Theatre of Dreams go after more than a century of history and sporting memories, scenes like this certainly go a long way to arguing the case for a whole new home ground rather than simply renovating as it appears to be in such a sorry state of disrepair.
But even with a brand-new state-of-the-art footballing arena, it doesn’t do anything to address improving performances on the pitch as even with eye-watering sums invested in the squad over recent years, they still look way off it and serious work needs to be done for them to catch up with the pack.
You can watch the highlights from Man United vs Bournemouth below:
The leaking roof wasn’t the only thing raining down on Amorim as the derby day high was followed by a frustrating festive low.
Featured Images — BeanymanSports (screenshot via YouTube)
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A new study has revealed the exact age that ‘hangovers from hell’ begin
Clementine Hall
Still nursing a Christmas hangover? There might be a reason for that.
That’s because a new study has officially revealed the exact age that “hangovers from hell” start and begin to ruin our lives.
Picture this, you’re a 20-something-year-old who’s woken up after a night of heavy drinking only to feel a faint headache and a craving for greasy food. One fry up and one lucozade later, you’re feeling right as rain by 3pm and ready to go again.
Fast forward a few years and a glass of red wine or two will knock you out for days as you reach for the paracetamol and hide away from any bright light whilst you swear to never ever drink again (until the next weekend).
Gone are the days where you could stay out all night and only feel a slight hangover the next morning.
But at what age does this drastic decline take place? When does our ability to handle alcohol slip through our sticky, tequila covered fingers? Well, a new study carried out by greeting-card company Thortful has found that the age of 34 is where it all starts to go downhill.
A new study has revealed the exact age that ‘hangovers from hell’ start / Credit: Kraken Images (via Unsplash)
A survey of 2,000 people aged from 18 to 65 found this to be the age where hangovers really start to sting and you begin to question whether that last gin and tonic was really worth it, and it doesn’t just stop there, as age 35 was found to be the year when hangovers last for two days which is the ultimate punishment.
We all know there’s nothing worse than rocking up to work on a Monday morning still feel hazy eyed and more dehydrated than a cactus.
Sadly, it’s not until age 37 when we finally learn from our mistakes (supposedly) and start to recognise our limits – with the consensus being that people feel ‘too old’ to go out at age 38, and subsequently start to feel more drunk after just two drinks at age 39.
At least it’ll be a cheap night out.
Long gone are the days when you would wake up feeling fresh as a daisy / Credit: Kinga Cichewicz (via Unsplash)
The science behind it is as follows – Dr. Deborah Lee of Dr Fox Online Pharmacy, said little research has been conducted on the severity of hangovers with regards to ageing, but explained they worsen due to ‘the breakdown of alcohol and the persisting presence of its toxic metabolite – acetaldehyde – in the body’, the Metro reports.
“Hangovers are likely to worsen with age because the activity of the key enzymes involved in alcohol breakdown becomes less efficient with age,” Dr Lee explained.
“Also, older people have less muscle and more fat, plus the distribution of water within the body alters as we age.
“The end result is higher levels of blood alcohol which take longer to metabolise.”
So, if you’re still in your 20s and deliberating whether or not to have that extra shot of tequila then use this information to your advantage and go for it, as sooner or later that extra sip might have you bed bound and out of action for a few days, so enjoy it whilst you can.
Emily Sergeant -
21st September 2020 
