According to the Governor of the Bank of England, Britain's legendary 1p coin could be on its way to getting Pluto-fied (binned off, de-legitimised).
Mark Carney, formerly of the Bank of Canada, suggested the UK should get shut of its classic coin while talking to a bunch of school kids on the BBC.
"I will say that in a number of other countries, because the penny isn't used very frequently - and to be honest I rarely see them myself - they have done away with the penny, so in Canada, New Zealand and Australia, they've done away with the penny, or the equivalent." Did he mention they've done away with the penny? He really fucking hates that penny.
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Carney told BBC News School Reporters that 'at some point', abolishing the 1p coin would be a good idea.
"I made the point that we keep inflation low, stable, predictable. But actually what that means, what parliament tells us to do, is to make sure it averages two percent a year.
Mark Carney with the new fiver. He likes these more than pennies. Image: PA
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"The cost of a chocolate bar should go up two percent a year and ideally wages should go up more than that so people are getting ahead.
"But the point was that over time that means the real value of the penny, and what the penny can buy, goes down, and so at some point it does make sense to get rid of it."
You know how many pennies are in circulation? 11.3 billion. Christ on a bike. It was introduced as a currency by King Offa in 785AD. 785! It was modernised in 1971.
We would be following in the footsteps of other countries who have gotten rid of their cheapest coins such as Australia, Brazil and Norway.
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Can't exactly buy penny sweets anymore can you? Maybe it's for the best.
#R1p
Featured image credit: PA
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