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
Stretford’s free neighourhood festival returns this weekend
Danny Jones
Stretford’s still fledgling and completely free all-day festival is BACK for 2026 and is happening this coming weekend.
So, if you didn’t have plans this Saturday, you do now.
Simply named StretFest, this is the third edition of the now annual celebration in one of Manchester’s fastest growing neighbourhoods – and an increasingly up-and-coming one at that.
Kicking off in the morning and running right into the wee small hours thanks to a healthy dose of varied daytime activities, evening events and de facto afterparties, there’s plenty on the cards.
🎉 It's the big one on Saturday! Stretfest is back & we're thrilled to have a fab selection of LIVE Music on from 3pm – 8pm for it!
We can't wait to greet loads of faces, old and new. #Stretford will be buzzing with activity so come on down & make a day of it ! 🍻 pic.twitter.com/16Rnn5w1qj
StretFest only started back in July 2024, but it has quickly grown into a cult favourite not only among locals living in and around the Trafford town, but also among plenty of people from all over Greater Manchester, with last year seeing more visitors than ever.
Based not just over at Stretford Mall but the surrounding parks, Public Hall, across the bridge and an area they dub ‘The Beach’, there are several distinct but equally vibrant hubs, all offering something different.
For instance, venues like Longford Tap, Head Bar and Stretford Canteen are all involved, as are the likes of the Library and Martin Luther Church, but also recently opened cafes like Swig and Cuppello’s, as well as many, many more.
To be honest, we’ll probably be popping over for all the food and drink alone.
And, of course, there’s going to be plenty of live music, DJ sets, other bits of entertainment, and all-around fun to be enjoyed; there’s even going to be everything from arts, crafts and workshops, to pirates and boat rides.
Getting underway from as early 9am – thanks to the likes of the regular Stretford parkrun crew teaming up with the festival, and Mr & Mrs hosting a coffee morning for their first birthday – there really is going to be something for everyone from start to finish.
You can see the full StretFest schedule or build your own personal day-into-night programme HERE.
As for what else is on the cards for the final few days of March (give or take a couple), you can find out what else is on in and around the ten boroughs down below.
Featured Images — Publicity pictures/Adrian Michael (supplied)/The Manc Group
Trending
Stockport County defender Brad Hills ruled out for the rest of the season
Danny Jones
In a big blow to their promotion push, Stockport County have been hit with a major injury and loss to their first-team squad, as defender Brad Hills has been ruled out for what looks to be the remainder of the season and then some.
Not what Hatters will want to hear with crunch-time in and around the playoffs now well underway.
Having emerged as even more of a starring centre-back this year, following his initial loan spell with the club during the previous campaign, Brad Hills has arguably been one of Stockport’s best and most reliable players in 2025/26 thus far – but not County will have to do without him.
Although the exact severity is yet to be fully revealed, the former Norwich City youth academy graduate is said to have hurt his anterior cruciate ligament (ACL).
Confirming the news on social media, the Greater Manchester side stated: “We regret to inform supporters that Brad Hills sustained an ACL injury in Saturday’s draw at Luton Town that will rule him out for the foreseeable future.
“Our full focus is on supporting Brad throughout his recovery – we know he’ll come back stronger”
For anyone unaware, ACL tears/ruptures are among some of the worst injuries in football, and depending on the extent of the damage, it can take anywhere between six months and a full year to bounce back.
Safe to say, therefore, that supporters have been left gutted by the update, with one commenting, “Awful, awful news”; another simply wrote, “FFS”.
After typing a very long expletive following the show news, fan podcast The Scarf Bergara Wore wrote: “Wishing Bradley Hills a speedy recovery – come back stronger!
Since becoming a permanent signing back in August, he’s earned multiple man-of-the-match awards in blue and white, not to mention contributed to a decent number of clean sheets. He’ll be a big miss in their backline.
While it’s no doubt a big setback as the League One team looks to get promoted into the Championship, the absence could see manager Dave Challinor reshuffle the pack and perhaps even the formation for the remaining fixtures.
One option is Louie Barry, who – depending on the setup – could finally be set for a return to the pitch after he was signed on a third loan deal this past January, but is still continuing his own rehab following a knee operation.
Put it this way, with not many games left, lots of County fans are probably wishing that the pending and potential further changes in the EFL could have come sooner…
Emily Sergeant -
21st September 2020 
