The Bank of England – Planning for the ‘New Normal’

Cash in the UK is in an interesting place at the moment. The cash paradox – higher demand, lower use – is very much in evidence, as are growing concerns about the future of cash allied to branch and ATM closures, concerted moves from the government downwards to encourage people to pay digitally, and what the cash infrastructure could and should look like in the future.

The Bank of England, like other central banks, is neutral on the matter of payments, but nevertheless supportive of choice in how people pay, and supportive of maintaining access to cash for those who need it. At the same time, it is busy contending with maintaining services during the pandemic, moving towards more sustainable cash and undertaking the transition of the country’s banknote to polymer, which was completed on 23 June with the issue of the new £50.