In a prime example of how the demand for banknotes is rising even in a plastic and digital age (see also: Combating Counterfeiting: A Brief History of Security Features ), the Daily Mail reported this week that British business leaders have urged the Bank of England to increase the number of £10 notes in circulation.
The UK paper reports that the outcry for the demand of ten pound notes is coming mainly from small shops where “despite credit and debit cards, small-ticket items are [still their] lifeblood,” and from those who frequently use cash dispensers who don’t want “to carry higher-value denominations, especially £20 notes, around in their purses and wallets.”
In the UK, like in Canada, automated teller machines (ATMs) often only distribute higher denominations like twenty pound/dollar notes “because banks can cut costs if they don’t have to refill them so often.” A whopping 70 per cent of banknotes in circulation in England are withdrawn from ATMs.
The Bank of England, however, has said there is no shortage of any notes in any denomination.
Read more: http://www.dailymail.co.uk/news/article-1227874/Give-tenners-Bank-England-urged.html#ixzz0X43bK3C1
Posted By: T. Murphy