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£50 not to be scrapped - 'currency of corrupt elites'

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£50 not to be scrapped - 'currency of corrupt elites'

Post by Doug D on 13.10.18 15:00

We’re all in it together – ‘currency of corrupt elites’!
I think they rather miss the point saying it will be harder to forge.
If the Treasury say they are rarely used for routine transactions, why are they being retained?

The £50 note will not be scrapped and will instead get a plastic redesign, the Bank of England has said.
Fears that the largest denomination was widely used by criminals and rarely for ordinary purchases had prompted a proposal to abolish it.
But ministers said the new version, to be printed in the UK, would be more durable, secure and harder to forge………….

'Currency of corrupt elites'

In March, a review by the Treasury said that they were "rarely used" for routine transactions.
"There is also a perception among some that £50 notes are used for money laundering, hidden economy activity, and tax evasion," The Treasury said.
Peter Sands, former chief executive of Standard Chartered bank, has also said high value notes are the "currency of corrupt elites, of crime of all sorts and of tax evasion".
But Robert Jenrick, exchequer secretary to the Treasury, said: "People should have as much choice as possible when it comes to their money and we're making sure that cash is here to stay.
"Our money needs to be secure and this new note will help prevent crime."

Doug D

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