BoE unveils plans to overhaul cash distribution as volumes fall

New ten pound note

The Bank of England is to convene a group to develop plans for a new wholesale cash distribution system, as it looks to avoid leaving vulnerable people behind amid falling cash use.

The action comes in response to the final report of an independent review of access to cash, which said the UK was not yet ready to go completely cashless.

The BoE’s “Note Circulation Scheme” (NCS), its wholesale cash distribution system, was designed at a time when cash volumes were much higher, the central bank

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