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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Aldi’s viral sell-out BBQ pizza oven is back in UK stores this week
Emily Sergeant
Aldi has announced that its viral BBQ pizza oven that absolutely flies off the shelves every time it goes on sale is coming back to UK stores.
And it’s just in time for the temperatures to soar this spring and summer.
Known and loved by shoppers nationwide for “delivering delicious restaurant-style pizzas” at a fraction of the price, the BBQ Pizza Oven first went on sale in Aldi stores back in 2022, and has been in high-demand from pizza lovers to return ever since.
Described as being “practical and compact”, the oven sits atop of your regular barbecue and is compatible with both gas or charcoal grills.
Thanks to featuring both a high-quality ceramic pizza stone and an integrated thermometer, this means anyone, from the self-professed pizza professionals right through to the cooking rookies, can chef-up a 12-inch pizza in just 10 minutes flat.
Aldi says shoppers can even “save themselves some serious dough” too, as this spring and summer essential is on sale for 55% less than an equivalent product at Dunelm, so there’ll be no need to part with that extra £49.
Aldi’s BBQ Pizza Oven will only set you back £39.99 when it goes on sale this week.
You can chef-up a 12-inch pizza in just 10 minutes flat / Credit: Aldi
Available from this Thursday (21 March), and landing in the classic ‘Specialbuys’ middle aisle section of Aldis across the UK, shoppers looking to feast on hearty pizza while the sun shines will need to be quick if they want to get their hands on one though, as it’s expected to sell out fast, just as it has done in previous years.
And, as is the case with all Specialbuys, “once they’re gone, they’re gone”.
If the BBQ Pizza Oven sounds like a pizza you (pun very-much intended… regrettably), then you can find the opening times of your nearest store on the Aldi website here.
Featured Image – Aldi
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Package holiday company launches new flights from Manchester to European ‘hidden gem’
Emily Sergeant
An affordable package holiday company has launched new flights from Manchester to one of Europe’s so-called ‘hidden gems’.
If you fancy taking a trip to tiny country tucked away in the middle of two major continents, then Holiday Best, one of the UK’s newest holiday package operators – which also happens to boast the lowest deposit on the market at just £25 per person, too – has recently launched new package holidays to Georgia’s capital, Tbilisi.
Running in partnership with Turkish Airlines, the flights have now launched from a handful of major UK airports – including Manchester Airport.
And the best bit? There’s even trips available to book in time for the Easter holidays.
A package holiday company has launched new flights from Manchester to European ‘hidden gem’ / Credit: Unsplash
If you don’t know too much about Georgia’s capital city, Tbilisi was often once thought of as one of eastern Europe and the Asian continent’s “hidden gems” – but now, the picturesque place has become a truly modern and diverse city, with a hybrid of influences.
The old town of the capital is full of historic architecture, with a wide range of restaurants designed to make you fall in love with Georgian cuisine, while the outskirts are surrounded by the remote mountains of Svaneti – which some even say rival the Swiss and French Alps, not only in their beauty, but also in their hiking opportunities.
So it’s not hard to see why the city has cemented itself as a popular city break and holiday destination for many tourists, right?
Georgia’s capital Tbilisi is described as being a truly modern and diverse city / Credit: Nina Matcharashvili (via Unsplash)
If it sounds like a country up your street, and you’re keen to book yourself a well-deserved break away, then Holiday Best is currently running a deals for seven-night bed and breakfast stays flying from Manchester Airport, with 20kg baggage allowance and private transfers included – with prices ranging around the £925 mark per person.
A stunning range of four and five-star hotels in Tbilisi are included as part of this new Georgian package holiday offering, so there’s bound to be something in everyone’s budget.
These include the four-star Tbilisi Times Boutique Hotel, with its unique and memorable decor starting at £465pp, and the five-star Grand Tbilisi Metekhi Palace that has a rooftop restaurant and bar, as well as being known for its world-class service.