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.”
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.
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Cruz Beckham and The Breakers live in Manchester – a torch passed from father to son?
Lonnie Bowes
Cruz Beckham graced the stage of The Deaf Institute in Manchester last night. Whether it’s your first time through the doors or you’ve been going for years, the venue carries an unmistakable energyand always will.
With a feel and set in its Victorian past, unmistakable Mancunian patina, the building leaves a mark on you – and on every grassroots artist who plays there.
The intimate upstairs room has long been a springboard for acts who go on to much bigger stages. History certainly likes to repeat itself, and perhaps this was a small sign of things to come for the youngest son of David and Victoria Beckham.
With his dad watching from the wings – fittingly in a number seven shirt synonymous with his years at Man United – Cruz stepped onto the stage with quiet confidence. For the next hour, he set his sights firmly on the crowd, eager to show exactly who he is as an artist beyond the famous surname.
Backed by a tight band that seemed to fit together like a glove, the set leaned into guitar-driven indie with an easy chemistry between players.
There were moments where the group locked into a groove, so naturally, it felt less like a new project and more like a band that had been touring together for years.
Cruz and co’s audience reflected the curiosity surrounding the night; inside the packed room was an eclectic mix of indie fans, university students, couples of all ages and a fair share of Beckham devotees – all keen to see whether the hype surrounding the young performer translated on stage.
The 21-year-old ran through his most popular (albeit limited number of) tracks thus far, including ‘Lick the Toad’, ‘Optics’, and ‘For Your Love’, each of which was met with enthusiastic cheers from the crowd.
His songs showed off a good deal of melodic indie sensibility, with jangling guitars and hooks that landed well in the intimate setting of the venue.
While Cruz held the stage, there were emotional moments playing out just above him. Throughout the set, David Beckham could be spotted proudly filming and what appeared to be FaceTiming other family members to share the moment in real time. We’re not sure Brooklyn’s picking up at the minute…
Toward the end of the night, visibly moved, the former footballer appeared to wipe away a tear — a quiet but powerful reminder that beyond the celebrity and headlines, this was still a father watching his son manifest his own destiny.
For Cruz Beckham, the night wasn’t about stadium lights or global headlines: it was about proving himself in a room that has hosted literally countless emerging artists before him. If the energy inside Deaf Institute was anything to go by, this may well be one of those early chapters people look back on later.
Did any of you head to the venue as a fan or purely out of curiosity – and if so, what did you make of Cruz Beckham’s first proper Manc gig?
Medlock Square: Manchester’s new £300 million entertainment destination on the Etihad Campus
Danny Jones
Manchester’s newest entertainment destination, located over at the ever-growing Etihad Campus, has finally been given a name ahead of its launch later this year.
Alongside the recently announced and Radisson-run hotel, Medlock Square will see the Manchester City-partnered mini leisure district aim to become a new must-visit part of the city.
Hoping to draw in crowds beyond just matchdays and those heading to concerts across the way, approximately £300 million is being pumped into the project.
With Co-op Live having already brought huge revenues into Greater Manchester, it isn’t just set to be a pricey development, but one that will look to serve as yet another money spinner for the wider City Football Group (CFG) and the City Region.
Credit: CFG (supplied)
Unveiling the first CGIs of the square this week, this new area will essentially see attractions and activities spill out of the Etihad Stadium, Co-op Live and the soon-to-open Medlock hotel and on to the campus as a whole.
With other parts of Sportcity already revolving around the footballing epicentre, such as the Manchester Regional Arena and National Squash Centre, this will not only see even more sporting events and supporters brought to the roughly 80-acre plot, but also fans of various other forms of entertainment.
For instance, within the plans that already include the food and drink offerings you would expect – with Radisson Blu backing more of the relaxation and indulgent side of things – other activities include everything from “an adrenaline-fuelled sky walk experience”, as well as zip-wire and abseiling.
We already knew about some of these from the details in Man City’s stadium expansion plans (including the likes of The Medlock and rooftop bar), and glimpses of the impending hotel opening gave us a better idea of the overall look, but there looks to be plenty more in the pipeline.
You can see a trailer for what they have in mind for Medlock Square down below.
Welcome to Medlock Square. Manchester’s newest entertainment destination. A place where mouthwatering cuisine and world class entertainment, experiences and events converge. Coming soon! pic.twitter.com/4bC7NQbMHT
As per an official press release by the fledgling team, more information on further business and employment opportunities has also now been confirmed, centring around the new ‘One Medlock Square’ structure that will be built on the campus.
“Designed to accommodate up to 300 employees, the state-of-the-art workspace will offer high-quality, modern office facilities alongside access to shared event spaces and wellness amenities, uniquely positioned within Manchester’s most exciting new destination”, the statement reads.
There’s certainly some ambitious stuff in the works, put it that way.
And, of course, these will also slot into a renovated club shop turned meagstore, an all-new Man City museum, the Co-op arena, live music and other open-air events, just to name a few. A specific opening date is yet to be scheduled, but you can guarantee it’ll be a big deal when it does launch.
Emily Sergeant -
21st September 2020 
