Friday, 22 March, 2019

United Kingdom government casts doubt on future of 1p and 2p coins

General Election- Documents Stock Spend a penny 60 per cent of 1p and 2p coins are only used once
Patty Aguilar | 15 March, 2018, 02:44

In documents released alongside Philip Hammond's update on the United Kingdom economy, it was revealed the Government wants to know whether the "current denominational mix meets the needs of cash users".

As part of the Spring Statement, the Treasury announced a consultation into the use of cash in the "new economy", where more and more people were making digital payments.

"From an economic perspective, having large numbers of denominations that are not in demand, saved by the public, or in long term storage at cash processors rather than used in circulation does not contribute to an efficient or cost effective cash cycle", the document says.

The document also revealed six out of ten 1p and 2p coins were used in only one transaction before leaving the cash cycle.

In the document the Treasury published on Tuesday there were some fascinating nuggets of information about how cash has fallen out of fashion in 21st century Britain, especially with the younger generation, so-called "millennials".

In fact, well over half of copper coins are used only once before finding their way into the coin jar - or even in the bin.

At the other end of the denominational scale, the government says the £50 note is believed to be rarely used for routine purchases and is instead held as a store of value.

Griezmann, Vitolo on target as Atletico beat Celta
Espanyol extended their unbeaten run in LaLiga to seven games as they came from behind to beat Real Sociedad 2-1 at RCDE Stadium. Griezmann has proved his worth day in and day out at Wanda Metropolitano ever since he joined Atletico from Real Sociedad.

Reports of shooting near Northwestern University a 'hoax,' 'swatting incident'
The university said there were reports of a man with a gun at Engelhart Hall, a graduate student dormitory at Emerson and Maple. The report of the shooter came as students across the country walked out of school to protest gun violence.

Saints add to depth in the secondary with signing of Patrick Robinson
ESPN's Dan Graziano reported Robinson's deal with New Orleans is worth $20 million, half of which is guaranteed. Patrick Robinson is returning to the team that drafted him after winning a Super Bowl with Philadelphia.

Government insiders stressed the real target was always the £50 note - given fears they are mainly used in criminal activities.

This means there is a high cost to keeping 1p and 2p coins in circulation relative to their face value and continuing usage, the paper adds.

Sara Coles, personal finance expert at investment firm Hargreaves Lansdown, warned that savers could be hit.

Aside from taking them to the bank to swap for proper cash, when was the last time you actually paid for something with some copper coins?

But No.10 indicated that 1p and 2p pieces were here to stay.

But a Treasury spokeswoman said it was a "commercially sensitive" subject and she could not give details on how much it cost to manufacture the 1p or 2p coin. It has me wondering how insane people are because that's perfectly good money that they're literally throwing away.

"To meet demand created by such losses from circulation, in previous years the government and the Royal Mint have needed to produce and issue over 500 million 1p and 2p coins each year to replace those falling out of circulation", the Treasury said.

Recommended

  • Family of slain DNC staffer sues Fox News over retracted story

    Family of slain DNC staffer sues Fox News over retracted story

    It suggested he leaked DNC emails to WikiLeaks and was killed because of the leak and not a botched robbery, as police suspected. It also claims that Zimmerman provided similar information to Joel Rich, which the Riches allege was false.
    Baylor is No. 1 seed in 2018 NIT Tournament

    Baylor is No. 1 seed in 2018 NIT Tournament

    The Eagles (19-15), who finished with their most wins since the 2010-11 season, will face off against Western Kentucky on Tuesday. Despite losing their starting front line, the Huskers were also six points per game better on the offensive end this season.
    Google Assistant multi-step routines are now live in the US

    Google Assistant multi-step routines are now live in the US

    You will be able to set up multiple actions with just one trigger phrase through Routines. Google Assistant is about to start doing more without quite as much talking on your part.
  • Jets may benefit from Kirk Cousins' decision to sign with Vikings

    Jets may benefit from Kirk Cousins' decision to sign with Vikings

    In 2018, Thomas has an $8.5 million base salary and carries the team's second-largest cap charge at about $12.03 million. Keenum took over when Sam Bradford was injured in 2017 and helped the Minnesota Vikings reach the NFC championship game.
    Bayern Thump Besiktas To Reach Champions League Last Eight

    Bayern Thump Besiktas To Reach Champions League Last Eight

    Besiktas did have one back just before the hour when Vagner Love slotted into the bottom corner of the net. Sandro Wagner's goal in the 84th minute made it 3-1, as Bayern advanced to the quarter finals.
    House Fails to Pass 'Right to Try' Bill Due to Democrat Obstruction

    House Fails to Pass 'Right to Try' Bill Due to Democrat Obstruction

    Almost 40 patient advocacy groups had argued that the measure would "likely do more harm than good" in a letter in early February. Republicans say it would give hope to patients with fatal diseases and set up safeguards to protect them.
  • Barack Obama reveals his picks for the 2018 NCAA Tournament

    Barack Obama reveals his picks for the 2018 NCAA Tournament

    Obama, for the second March in a row, is making his picks known despite the fact that he's no longer in office. The Huskies had their 111-game winning streak snapped by Mississippi State in last year's Final Four.
    Tyrann Mathieu handled his release from the Cardinals in the classiest way

    Tyrann Mathieu handled his release from the Cardinals in the classiest way

    Mathieu said the team asked him to take a pay cut. "We all wish Tyrann nothing but continued success in his career and beyond". The Pro Bowler is entering his sixth season in the National Football League , which is a rare find in free agency.
    Jerick McKinnon contract details, guaranteed money revealed

    Jerick McKinnon contract details, guaranteed money revealed

    From Week 5 on, McKinnon averaged 3.9 yards per rush, gaining 544 yards on 140 carries while catching 43 passes for 381 yards. That breaks down to an average of about $7.5 milllion a year, a significant raise over what he was making with the Vikings.
  • Clifford (aka Daniels) v. Trump et al

    Clifford (aka Daniels) v. Trump et al

    Daniels has been interviewed by CBS' " 60 minutes ", which has not set a date for the segment to run. "I believe Mr. Personal attorney for President Trump , Michael Cohen , addresses the media, September 19, 2017.
    Mattis, Afghan Leaders Meet in Kabul

    Mattis, Afghan Leaders Meet in Kabul

    No group has claimed responsibility for the attack yet, but the Taliban has reportedly claimed responsibility for the attack in Helmand .
    California high school on lockdown after school shooting threat

    California high school on lockdown after school shooting threat

    While some students had taken to social media posting that police had found at least one gun, San Leandro police Lt. Students will be released early Wednesday and classes have been canceled for Thursday.

What's Ahead for Cisco Systems, Inc. (CSCO) After Touching 52-Week High? That suggests something of the likelihood of a short squeeze in shares of CSCO . (NYSE:CRM) to report earnings on May, 17. Finally, Keeler Thomas Management LLC bought a new stake in Cisco Systems in the fourth quarter valued at about $108,000.

Ravens sign Ryan Grant to $29 million contract Ravens sign Ryan Grant to $29 million contract According to Evan Massey , the Ravens are among the most interested in acquiring former Green Bay Packers wideout Jordy Nelson . Brown inked a much shorter one-year, $5 million deal, along with incentives worth $6.5 million, per Adam Caplan of ESPN .

Microsoft provides more fixes for Meltdown and Spectre flaws on Windows Microsoft provides more fixes for Meltdown and Spectre flaws on Windows The company is also fixing another issue with Internet Explorer would stop working and legacy Document Mode cell is not visible. Microsoft did not officially comment yet regarding the company's plans to make Windows 10 S as a part of Windows 10 .

Cong MLAs to go for en masse resignations? Cong MLAs to go for en masse resignations? Lawmakers Ambrish Der and Pratap Dudhat have been suspended for three years while another MLA has been suspended for one year. Earlier this week, two Congress members were expelled from the Telangana Assembly for disrupting the Governor's speech.

Renewable energy deal is delayed - again Renewable energy deal is delayed - again The ministry claims that the long-delayed REIPP projects would create 61,600 jobs with 95% of those going to South Africans. Nonetheless, this is despite a recent report by the CSIR stating renewables are way cheaper than fossil fuels.

WWE Shares Medical Update On Shane McMahon Following SmackDown Live WWE Shares Medical Update On Shane McMahon Following SmackDown Live The son of WWE chairman Vince McMahon has been the commissioner of SmackDown since the brand split in 2016. This brutal attack on Shane McMahon by Kevin Owens and Sami Zayn could lead Bryan to side with his boss.

This Summer GM Plans to Launch an Airbnb for Cars Service This Summer GM Plans to Launch an Airbnb for Cars Service In the last two years, Turo has seen its user base grow to almost 5 million and listed cars triple to about 200,000 units. Fully self-driving Teslas may still be some years away, and Musk has said little about a sharing network since.

Trump's tech tariffs may lead to higher prices for U.S. consumers Trump's tech tariffs may lead to higher prices for U.S.  consumers The moves accelerated after news of the planned tariffs, which reportedly target Chinese tech, electronics and telecoms. Therefore, there would be no persistent deficits as we have seen with the United States and the rest of the world.

CL: Barcelona happy with a goalless draw against Chelsea, says Sergio Busquets CL: Barcelona happy with a goalless draw against Chelsea, says Sergio Busquets On Saturday, Chelsea laboured to another win in the Premier League , despite taking a two-goal lead within the first 30 minutes.

Busquets and Valverde sympathise with Gomes' Barcelona 'hell' Busquets and Valverde sympathise with Gomes' Barcelona 'hell' The Camp Nou is Europe's ultimate footballing theatre, but it is an unforgiving place to fluff your lines. He added: "On more than one occasion, I didn't want to leave my house".

American Idol: Katy Perry kissed a boy, he didn't like it American Idol: Katy Perry kissed a boy, he didn't like it Benjamin went on to tell the Times that he's at least grateful that the unscripted kiss got him a little more screen time. As he leaned in for round two, Perry swiveled her head at the last second to catch him off-guard with a kiss on the lips.

Malcolm Butler reportedly agrees to deal with Titans Malcolm Butler reportedly agrees to deal with Titans General manager Jon Robinson got his start in the National Football League as a scout with the Patriots . The money is astounding for Butler , who admitted he didn't have a good season previous year .

NCAA Play-In: Syracuse Orange vs. Arizona State Sun Devils NCAA Play-In: Syracuse Orange vs. Arizona State Sun Devils Senior guards Tra Holder (18.4 points), Evans II (16.6) and Kodi Justice (12.6) led the Sun Devils in scoring. The opening line favors Arizona State to win at -1.5, 64.6% have picked Syracuse to cover the spread.

Russell Westbrook has more triple-doubles than any franchise since entering National Basketball Association Russell Westbrook has more triple-doubles than any franchise since entering National Basketball Association He's proudest of the Thunder's record when he goes off for a triple-double - 82-18. "That's my job", Westbrook said. George (groin) said he expects to play in Friday's game against the Clippers, Royce Young of ESPN reports.

Sarah Drew From 'Grey's Anatomy' to 'Cagney & Lacey' Sarah Drew From 'Grey's Anatomy' to 'Cagney & Lacey' Drew will star as the laidback Cagney, while " Blindspot " alum Michelle Hurd has been cast as her veteran partner. The women-centric show is only one of the three revivals set to air on CBS for the 2018-19 season.