The current make-up of the UK’s coins and notes is here to stay for years to come as the government has committed to protecting its future.
Before the announcement, Federation of Small Businesses National Chairman Mike Cherry said, “While a growing numbers of transactions are electronic, cash is still an essential part of the mix for small businesses as well as consumers.
“A firm wanting to charge 99p should still have the freedom to hand a penny change to a customer paying with a £1 coin.”
The Chancellor, Philip Hammond, is to announce plans to help safeguard access to cash by establishing a new group chaired by the Treasury.
The statement will be made during the Verdict of the Pyx ceremony in London, where he will also reiterate that there will be no changes to current coins and notes, with all denominations – from the penny to the £50 note – staying in circulation.
The government says that this will complement work to support digital payment methods, which ‘continue to revolutionise and expand the ways people manage their money’.