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MNI BRIEF: Covid Forces Cash Use Dip, But Hoarding Seen: BOE

(MNI) LONDON
LONDON (MNI)

Use of cash has fallen across the UK economy as a whole in the last 7 months as consumer spending as a whole has fallen, but possibly also reflecting concerns about the risk of banknotes transmitting the Covid-19 virus. the Bank of England noted Tuesday in a preview of its latest Quarterly Bulletin.

However, the BOE says despite the population spending less cash, the total value of banknotes in circulation has increased as people appear to choose to hold more cash.

These trends have persisted for a number of years, the Bank says, but have been magnified by the pandemic.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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