Bank’s Bailey links rise in banknotes with turmoil
Andrew Bailey, the chief cashier at the Bank of England, has linked the increase in demand for banknotes over the past two years with the financial crisis.
Figures show the amount of sterling banknotes in circulation as a proportion of British GDP has risen noticeably in the past two years to 3.2%, up from a low of 2.4% in the mid-1990s.
Bailey told an audience in Washington, DC on Sunday that this was down to two factors, both related to the crisis: that there were lower levels of public
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