Bank of England told to track down £50billion of 'missing' banknotes stashed in the UK
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mirror.co.ukThe Bank of England should investigate where around £50billion of "missing" banknotes is "stashed", a committee monitoring the effectiveness of public spending has said.
The Public Accounts Committee said the Bank needs to "get a better handle on the national currency it controls". It said authorities have been behind the curve in ensuring access to cash for consumers and businesses, and are failing to understand or act on the dangers of hardship if the UK continues moving towards a cashless society.
The committee said there are implications for public policy and the public purse if a material proportion of the large volume of banknotes whose whereabouts or use are unknown are being used for illegal purposes.
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