Notes and Coins Expand 8.9pc on Year, Still Not Enough for 5-Weeks of Bills

Figures released today by the Bank of England show the value of notes and coin, known as Narrow Money, outstanding in August:

• Rose to an average £54.726 billion. A 0.3% increase on the £54.569 billion outstanding in July.

• The twelve-month growth rate increased to 8.9%, from July’s 8.7%, the highest since 10.1% was recorded in June 2002.

With an estimated 24.8 million households in the UK, August’s figure puts the average amount of notes and coin outstanding at less than £2,189 per household. Which, according to the Expenditure and Food Survey, wouldn’t be enough to cover 5-weeks of bills.

Put it another way. If every household decided to always keep 5-weeks of outgoings in cash, there wouldn’t be anything left over for shops, or banks, or anyone else.

Data: Bank of England

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