Is the bank of England coming for your cash?

[Old Timer Chris]

There is a rumor going around in the financial circles, backed up by people like, Marryn Somerset Web (Money Week), that the Bank of England Chief economist, Andrew Haldane gave a speech saying how he would like to band cash!.

The logic to this is makes sense if you consider how much tax the government looses through dodgy dealing and loss of vat etc. It would also give the government total control on your money and force you to spend it in times of economic stress, like now, to boost the economy.

There are already negative interest rates in Denmark, Sweden and Switzerland so why not here.

The down size of course is that negative interest rates could be enforced on us by the banks on your salary and any saving you might have making it pointless saving anything for old age leaving you at the mercy of the banks!

This is not Daily mail hype! Has any one else heard this rumor?

 

[propersplitbrainme]

Band?

Or ban?

 

[justintime129]

Torygraphs take on it

http://www.telegraph.co.uk/finance/economics/11875529/We-musnt-ban-cash-or-inflate-the-pound.html

 

[busby1971]

Not good for tourists and people will always find a way around these things, won't absurd what it sets out to achieve.

If it was a good thing in sure some more forward thinking countries would have dine it by now.

 

[Gord]

Not good for tourists and people will always find a way around these things, won't absurd what it sets out to achieve.

If it was a good thing in sure some more forward thinking countries would have dine it by now.

What a stupid idea and one that is just begging for an uprising against both the government and the banks.

I could see a huge increase in people defaulting on loans and the underground economy expanding at an alarming rate thereby negating any savings/earnings by the government.

You need some roof repairs, well I need a new set of brakes on my car, let's do a straight swap and I'll throw in a meal for you and your family at my place.

 

[Talk Wrench]

It's easy to forget that even in the black economy, cash in hand still gets taxed in the form of VAT when it's spent at the till. Remove that and you potentially lose that VAT revenue because as Busby says, people will find ways of working around a cashless economy. Sent from my iPhone using Forum Runner

 

[justintime129]

We are well on our way to becoming a cashless society. Contact less payments have just increased to £30. Apple introduced there for of contactless payment (make sure your phone as enough battery lol). Ireland have slapped a 12% surcharge on using cash machines. Denmark and Sweden are nearly there.

I'm doing a cash only month in movement to try and cut down on my spending.

 

[briggfairy]

i'm sorry but this is total bollox and is never going to happen, there is a massive difference between what someone wants to do and what the rest of society allows them to get away with

 

[justintime129]

i'm sorry but this is total bollox and is never going to happen, there is a massive difference between what someone wants to do and what the rest of society allows them to get away with

Society will let them get away with it. I can book hospital appointments online as well as doctors. I don't receive any bills. Prescriptions are going digital. Mots are digital as well as car tax, we can pay that online.
http://www.theguardian.com/world/20...-step-closer-to-being-a-cashless-country.html

 

[Old Timer Chris]

i'm sorry but this is total bollox and is never going to happen, there is a massive difference between what someone wants to do and what the rest of society allows them to get away with

I wish it was!

Justintime's link to the Telegraph is worth read so I wouldn't rule it out if the government become desperate enough and with 1.5 trillion dept, which is still rising, I don't think we are that far from this tipping point!

 

[Witty_Banter]

Not good for tourists and people will always find a way around these things, won't absurd what it sets out to achieve.

If it was a good thing in sure some more forward thinking countries would have dine it by now.

Really sorry mate, but no matter how hard I try I can't read this post without the accent of the French policeman / spy in Allo Allo....

 

[Kryten]

Really sorry mate, but no matter how hard I try I can't read this post without the accent of the French policeman / spy in Allo Allo....

"Hole Hotler! The troon carrying the painting has been bummed by the RAF."

Sorry, couldn't resist it...DT_Xtremez_28:

 

[Old Timer Chris]

Things are Hotting up!

Things are Hotting up!

Carney ‘No move’ on the base rate of 0.5% another words he wants it lower to help government dept!

Other ways to protect your money

Buy 2 year Italian bonds at minus 0.023% rate.
Buy 5 year bonds from Germany at minus 0.08%
Demark Sweden and Switzerland have done the same

I don’t know what the actual cash limit is but in Sweden the banks, by law, report you to the police if you withdraw or deposit sums of money over a certain limit and their bank rate is at minus 0.35..which hardly encourages you to leave it in the bank!!?