Freed from HM Treasury Shackles, the Bank of England Supports Cash! - Image 1

Freed from HM Treasury Shackles, the Bank of England Supports Cash!

Posted on: 10/06/2024

A General Election means that the fervently anti-cash HM Treasury cannot muzzle the Bank of England.

Note the difference in tone from the Bank Governor Andrew Bailey now the shackles are off until the new government is in place on 5 July.

Look at this quote from Andrew:
“We know that cash is important for MANY people, and we are committed to providing banknotes for as long as the public DEMAND them. Bringing these new notes into circulation is a demonstration of that commitment.”

Note the “ MANY people” - not the few million the Treasury has been trying to con us for years are the only significant cash users.

Focus also on the word “DEMAND”. Not the weasel word “need” the Treasury always uses, coupled with “reasonable”.

Andrew Bailey personally supports cash - and does NOT agree with the imposition of “cashless” on the UK by a few banks and collaborating card schemes.

Some years ago, Andrew couldn’t get the banks to circulate £5 Notes. The banks said it was “too difficult” - but the truth is that they didn’t want convenient £5 Notes being available to the public. The banks wanted everybody lumbered with lots of coins to try to make cash seem naturally cumbersome and inconvenient.

It is NOT!

Having been let down by the banks, Andrew Bailey turned to a non-bank ATM operator to help.

That operator installed £5 Note-only ATMs- 300 of them!

They were HUGELY popular, with massive numbers of people using them.

This enabled Andrew Bailey to kick the banks up their backsides and tell them “ if an independent ATM operator can do it, why the hell can’t you?”

Within two years, there were 10 TIMES more £5 Notes in circulation in the UK!

£5 Notes had NOT been falling out of use because the British public didn’t DEMAND them.

The main UK banks simply would not supply them!

That hasn’t changed in 2024.

Now that the “Kings of Crypto” Andrew Griffith and Bim Afolami are no longer ministers at HM Treasury, both the Bank of England and the Financial Conduct Authority can breath a little more easily.

The pressure to kill off cash has now gone, as has the huge push by the Treasury to slacken rules on crypto currency marketing, highlighted by former FCA Chair Charles Randell. There are many at the Treasury, Bank of England and FCA who genuinely care about the future of cash, because they know that over 90% of the British public continue to use it.

After 4 July, these supporters of cash can come to the fore, helping to kill off “cashless” forever.

The British public WILL get the legal protection they need to guarantee cash acceptance and access.


©2024 Payment Choice Alliance
Website design by Modern Websites