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The Public Expenditure Control Committee, and some MPs, have been highly critical of the Bank of England, as the British central financial institution is said to have no idea where the £ 50bn (or nearly £ 20 billion).
According to The Guardian, copies of the staggering number of banknotes circulate in the economy in such a way that the institution has little idea where they may be and, it is said, does not break much in trying to establish this by indirect methods.
The amount of money has not been stolen, presumably it has not been destroyed, it is simply missing from the financial records.
A National Audit Office According to a government agency, a significant proportion of the £ 50 billion note has been or is being used abroad in various transactions. Another report highlights that A significant portion of this money is likely to be in households, under bed mattresses, or in pillowcases as it is not reported or accounted for in household savings.
Consistent with this is the fact that this year, in addition to the expansion of digital payment, the British have seen a cash flow: due to the Covid-19 epidemic, people have started to accumulate pounds. One thing is certain, reports say, is that £ 50bn has simply disappeared from the Bank of England’s sight.
A spokesman for the institution, however, denied these accusations. He stated that the role of the Bank of England is to meet banknote needs. It has done this in the past and will continue to do so in the future. At the same time, the public does not have to inform them why households want to have large amounts of banknotes at home. That also means that the bills have not disappeared out of nowhere, the spokesperson added.
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