The Bank of England (BoE) has published its response to the Treasury’s Call for Evidence on cash and digital payments in the new economy.
The BoE welcomes Treasury’s Call for Evidence. Key points include:
- the usage of cash is evolving, but there is, and is likely to remain for the foreseeable future, a significant public demand for banknotes;
- effective banknote denominational mix is important. The BoE believes that there is a strong case to keep the £50 banknote in order to effectively meet legitimate demand and to avoid increased dependence on the £20 banknote; and
- developing and maintaining an appropriate banknote distribution and authentication model remains an important priority for the cash industry and the BoE.