New threat to 1p and 2p coins

FEARS for the future of the penny coin resurfaced yesterday as Bank of England economists suggested it could be axed. They said there was no evidence that ditching one and two pence coins (pictured left) would push up prices – dismissing a key concern of critics of the idea. They said that as inflation steadily cut the purchasing power of copper coins, ‘the case for removal becomes stronger’. The report said: ‘Six out of every ten 1p and 2p coins are used just once before they drop out of circulation – into jars, down the back of the sofa or just lost.’

The comments, in an online blog, came a few months after Chancellor Philip Hammond suggested the coins could be removed from circulation. Charities warn such a step would cost them millions of pounds a year because shoppers will stop putting small change into collection pots.

Writing on the Bank Underground website – contributed to by staff at the bank – economists Marilena Angeli and Jack Meaning said fears removing copper coins would push up prices were ‘unfounded’. Last night a Treasury spokesman said there were no plans to scrap the coins.

UP to the point when he suggested the Conservatives should drop their target of reducing net migration to below 100,000 a year, trade Secretary Liam Fox’s comments this week were entirely sensible.

Free movement from the EU, he argued, allowed migrants to arrive without a job but handed them access to public services.

‘I don’t think the British public thought that was fair and neither do I,’ he said. the result of the EU referendum made clear the public ‘do not want unlimited movement’ of migrants, he added.

So why then should this entirely sensible target be abandoned after Brexit? there is no evidence public attitudes have changed markedly since June 2016. Indeed, every poll seems to confirm migration remains among voters’ biggest concerns.

this newspaper always acknowledges the huge contribution migrants make to this country, while questioning whether we can cope with such vast numbers. As today’s MigrationWatch report shows, official figures have hugely underestimated the impact of mass migration on population growth.

When the children of migrants are also factored in, immigration was responsible for 5.4million of the 6.6million increase between 2001 and 2016 – or more than 80 per cent.

Is there any doubt this influx heaped pressure on schools and hospitals and helped drive down wages, especially for the low paid? Unquestionably it will have worsened Britain’s acute housing crisis.

only when we – eventually – leave the EU, and ministers take back control of our borders will they have the power to reduce numbers. So instead of abandoning the target, why don’t the tories do their damndest to achieve it, and so reap the political rewards?

BANK of england economists may think prices won’t go up if 1p and 2p coins are abolished. But doesn’t common sense dictate that – overnight – everything priced at 99p would immediately cost £1? these coins may be small change to the better off but all those who count their pennies will agree with the Mail when we say: hands off our coppers!

JAMIE oliver quite reasonably asks if the world has gone mad after Corbynista MP Dawn Butler accused him of cultural appropriation over his packets of ‘Jerk rice’. no, not the world, Mr oliver. only the Labour Party.