Advert

Latest

Arnold Schwarzenegger Says He Feels 'Fantastic' After Undergoing Another Heart Surgery
published atin an hour
Advert
Advert

Most Popular

Advert
News

The Royal Mint Won't Be Making 2p Or £2 Coins For The Next 10 Years

The Royal Mint Won't Be Making 2p Or £2 Coins For The Next 10 Years

In case you were thinking of bulking up your piggy bank supply, think again, as the National Audit Office has said that no new £2 or 2p coins will be made for the next decade.

It's clear that people aren't using cash anywhere near as much as they used to, an issue that has been accelerated further by the coronavirus pandemic.

Credit: ScouserUK/Pixabay
Credit: ScouserUK/Pixabay

Plus, according to the Royal Mint, there are enough of these two coins to last us the next ten years.

Advert

The NAO reports that a decade ago, cash was used in six out of 10 transactions. However, by 2019 it was used in less than three in 10 transactions.

The organisation wrote in a statement: "The outbreak of Covid-19 may have accelerated this trend, as data suggests that market demand for notes and coins declined by 71% between early March and mid-April during the lockdown."

You may have noticed that most companies have switched from either accepting cash or card payments to contactless as a way to ease the spread of the disease.

Nonetheless, the pressures on the cash system could mess up things for people who find it difficult to rely just on card payments, especially older people and those on a low income.

Advert

As such, in March of this year, the UK government said it would be bringing forward legislation to protect entrance to cash with these people in mind.

More Like ThisMore Like This

1 of 6
News

Parents Of 18-Year-Old Fined £10,000 For Coronavirus Breach Say They Won't Pay The Fine

Gareth Davies, head of the NAO, explained: "As society progresses towards the wide use of digital payments, the use of cash in transactions is dwindling.

News

Royal Mint Releases Three New 50p Coins With Dinosaurs On Them

published at8 months ago

"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.

"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.

Advert

"However, the approach is fragmented, and it is not clear that the action being taken will keep up with the pace of change."

Credit:Jan Vašek/Pixabay
Credit:Jan Vašek/Pixabay

Regardless of the actions in place, the Royal Mint has no plans to generate new 2p or £2 coins, as well as cutting those working on coin-making within its currency division.

In a bid to advise the HM Treasury, the NAO recommends that the government's economic and finance ministry should set out more plainly the outcomes it wants the money system to deliver for both customers and businesses.

Advert

The organisation added: "To drive efficiency, the Mint and the Bank should maximise opportunities to learn from each other's experiences of cash production and align production capacity closely to future needs."

Topics: UK News, Money

Chosen for YouChosen for You

What Exactly Is A 'Substantial Meal' Under Tier Three Coronavirus Rules?
published ata day ago

Most Read StoriesMost Read

News

Rishi Sunak Barred From His Local Pub Over Vote Against Free School Meals

published at13 hours ago
Morrisons Has Launched A 'Grim Reaper' Pizza Topped With World's Hottest Chilli

Daisy Phillipson

Daisy is a UK-based freelance journalist with too many opinions. She loves everything film and music-related and has a track record writing for Little White Lies, BWRC, and Film Daily. Contact her at [email protected]