Brass stays in pocket as part of plans to safeguard cash

Cash under threat
Cash under threat
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Plans to safeguard the future of cash - from copper coins to larger banknotes - have been set out by the 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 being made during the Verdict of the Pyx ceremony in London, part of a longstanding coin-checking custom dating back to the 12th century.

Mr Hammond also reiterated that there will be no changes to the mix of coins and notes, with all denominations - from the penny to the £50 note - staying in circulation.

There had previously been speculation that 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.

There have also been strong concerns raised over the past year at the rate at which communities are losing easy access to cash amid bank branch and ATM closures.