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Updated 04:38 24/02/20

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The war on cash intensifies

Peter Walden, News Editor
28 Sep 2015, 3:41 p.m.

It seems the Bank of England (BoE) is preparing the groundwork to ban cash. Last week BoE chief economist, Andy Haldane, warned policymakers should be ready to implement radical measures to support the economy including banning cash.

Now former Bank of England policymaker Charles Goodhart believes high denominated bank notes should be removed from circulation. He suggested the central banks of Switzerland and the ECB are acting irresponsibly by issuing the 1,000 franc and 500 euro notes. The former banker argued high denominated notes are used widely within the black economy and are fuelling illegal activity. He is also believes banning high value notes may potentially help trim interest rates.

Although banning cashing would be extremely unpopular it seems clear the BoE is exploring the possibility under the guise of exploring the potential interest rate advantages of eliminating paper currency.

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