Future of cash safe as pennies set to stay

Plans to safeguard the future of cash – from copper coins to larger banknotes – have been set out by the UK government.

A new group chaired by the Treasury will set a strategy and co-ordinate work to support nationwide cash access to help safeguard physical money for those who need it, under plans being outlined by Chancellor Philip Hammond. The announcement was made during the Verdict of the Pyx ceremony in London – a coin-checking custom dating back to the 12th century.

Mr Hammond also reiterated there would be no changes to the mix of coins and notes. All denominations from the penny to the £50 note will stay in circulation. There had previously been speculation the Treasury may be paving the way for the end of 1p and 2p coins after inviting comments on the mix of coins in circulation.