Downing Avenue drops penny-pinching plan

1p and 2p coins

Downing Avenue has backed away from a plan to scrap copper cash.

The prime minister’s spokesman mentioned there have been “no proposals to scrap 1 or 2p cash”.

The Treasury has been consulting on the combo of cash in circulation as card and digital funds achieve reputation.

Theresa Might’s spokesman mentioned: “The session’s name for proof was merely supposed to assist the federal government higher perceive the function of money and digital funds.

“One of many components was whether or not the denominational mixture of cash meets the general public want. From the early response it seems to be as if it does.”

Many international locations together with Australia, Brazil, Canada and Sweden have ditched their low denomination cash.

The Treasury session doc identified that 1p and 2p cash are scarcely used.

It says that surveys recommend six in 10 of UK 1p and 2p cash are solely used as soon as earlier than being put in a jar or discarded, whereas one in 12 is thrown right into a bin.

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