(TheLibertyRevolution.com)- According to a British parliamentary committee, as much as $67 billion is “missing” from the nation’s cash supply, but the Bank of England “seems to lack curiosity” about where the money has gone.
According to the New York Times, roughly 70 billion British Pounds are in circulation in the country, but just 25% of those bills were reportedly being spent by the public. The majority are unaccounted for, and despite being non-traceable by design, three-quarters is a curiously large amount of cash missing.
With roughly 50 billion pounds in cash missing, it has fuelled speculation that British citizens may be hiding notes as part of their savings. Some of the unaccounted-for notes may also be used in underground and illegal transactions, according to a report from the Public Accounts Committee.
The Parliamentary group called on the Bank of England to investigate the issue and see if something nefarious is going on.
Meg Hillier, the Member of Parliament for Hacknet South and Shoreditch in London and the chair of the committee, suggested that the Bank of England wasn’t really concerned about it.
“50 billion pounds of sterling notes – or about three-quarters of this precious and dwindling supply – is stashed somewhere but the Bank of England doesn’t know where, who by or what for – and doesn’t seem very curious,” she said.
The Bank of England, which is the central bank for the United Kingdom, responded to the report and said that they have fulfilled their role in providing a supply of notes to meet demand.
“It is the responsibility of the Bank of England to meet public demand for bank notes. The Bank has always met that demand and will continue to do so,” a representative of the Bank of England said on Friday.
“Members of the public do not have to explain to the Bank why they wish to hold bank notes. This means that bank notes are not missing,” the statement continued.
It indicates that the Bank of England believes there is no reason to be alarmed about three-quarters of the nation’s bank notes being effectively missing.
During COVID-19, however, demand for cash notes has plummeted and many stores in the United Kingdom and across the rest of the world have shifted to cashless transactions.
CNN Business seems to have an answer for why the bank notes may be disappearing. According to a report, the COVID-19 pandemic has resulted in people “stockpiling even more cash at home.”
In July, the United Kingdom reached a record high number of cash notes in circulation, hitting 4.4 billion.
Millions of people storing their savings in cash notes at home may simply be a result of the pandemic and a general unwillingness to make unnecessary trips to the bank. It could also indicate speculation among the general public that the COVID-19 economic recession could get much worse, with banks collapsing as they did in 2008.