A public spending watchdog has stated that around £50 billion worth of banknotes in UK circulation are currently unaccounted for.
What does this mean though?
Well, in simple terms, this means that there’s a heck of a lot of money out there and no one actually knows where it is.
It could be in the pockets of a pair of jeans not warn in a while, at the bottom of a handbag, stashed down the side of the sofa, or even placed into overseas holdings, but it for sure isn’t being spent in shops or kept in savings accounts.
The National Audit Office (NAO) – the watchdog that made the claim – said that little is known about the massive amount of cash and there’s even suggestions that it might be being held for use in the “shadow economy”, which includes, but is not completely limited to, money that comes from illegal endeavours.
At present, there is little reliable information to quantify how much is likely to be held where.
PickPik
Five public bodies – the Treasury, the Bank of England, the Royal Mint, the Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR) – play a role in administering or overseeing the cash system.
The NAO said that a “fragmented” approach is being taken by these bodies and a co-ordinated effort is needed.
Gareth Davies – the head of the NAO – explained to The Metro that: “As society progresses towards the wide use of digital payments, the use of cash in transactions is dwindling.
“It may become harder for people to access cash when they need it and those without the means to pay digitally will struggle if cash is not accepted.”
He continued: “HM Treasury now works more closely with the public bodies in the cash system to achieve the Government’s goal of safeguarding access to cash, however the approach is fragmented, and it is not clear that the action being taken will keep up with the pace of change.”
Bank of England
It comes after it was announced last week that the Royal Mint has no plans to produce new 2p or £2 coins for at least 10 years, with the NAO saying it could take at least a decade for current stocks of the coins to run out.
Coin production shrank by 65% in the last decade to 383 million UK coins a year in 2019-20, from around 1.1 billion in 2010-11.
The NAO also said that it is likely the coronavirus (COVID-19) pandemic has potentially accelerated the decline.
Industry data suggests market demand for notes and coins from cash centres plunged by 71% between early March and mid-April, however cash use appears to have been recovering more recently as businesses have re-opened.
The NAO said older people and those on low incomes are particularly likely to rely on cash.
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Pep Guardiola hints at when Manchester City fans can expect to see their latest arrival
Danny Jones
Manchester City manager Pep Guardiola has given supporters a rough timeline as to when they can expect to see their new signing, or at least their latest arrival, make his first appearance.
The Blues wrapped up the January transfer window with four major signings: their new attacking number seven, Omar Marmoush (who has already bagged a hattrick on his home debut) promising defensive duo, Abdukodir Khusanov and Brazilian Vitor Reis, as well as their ‘mini-Rodri’, Nico Gonzalez.
However, the club has had another late arrival who was technically signed back at the start of last year but who has spent for the last 12 months or so loaned back to his previous parent club, River Plate in Argentina, waiting to make the move over to the Etihad Stadium – and now he’s here in Manchester.
Speaking on his touchdown in 0161, Pep said Claudio Echeverri won’t be thrown into first-team action straight away but did give a rough estimate as to when City fans could expect him to get involved. You can see him discussing the integration plan in his post-match press conference following the Spurs win.
The mention was only brief but there’s still plenty of reason for Man City fans to be excited by the late January signing.
“Yeah, he [Claudio Echeverri] is going to start to train and mainly will be for the end of the season, maybe the [Club] World Cup and as soon as possible [that] he arrives he can adapt quick for the future.”
As mentioned, the 19-year-old Argentinian attacking midfielder from Resistencia officially put pen to paper with CFG back in January 2024 and was quickly dubbed ‘the next Messi’.
Now, although the football world is often quick to jump the gun with these things and he isn’t the first and certainly won’t be last to be slapped with this premature title, he’s done more to back up these claims since then than he has rubbish them.
Starring at the 2025 Under-20 South American Championships, netting six goals in nine games to finish the tournament as the second highest scorer thanks to notable braces against Brazil and Uruguay as the young Argentine’s finished as runners up.
He also notched 48 senior appearances for River Plate thus far, netting four goals and grabbing eight assists in that time, not to mention having already captained his national team at the 2023 Under 17s World Cup, where he scored another five.
Safe to say there’s plenty of talent to be tapped in this lad.
Once again, Echeverri won’t go straight into the senior set-up for a little while yet, barring a major injury crisis, but he’ll be a more than exciting addition to the City Football Academy and for future first-team lineups for years to come.
Who knows, maybe he’ll be included in an FA Cup matchday squad? Nevertheless, you can expect him to not just come of the bench but hopefully show what he can do at the Club World Cup this summer.
City‘s first fixture as reigning champions of the competition will be against Moroccan side Wydad AC on 18 June 2025.
You can watch Echeverri’s first full interview as a Man City player down below:
The new Man City signing is excited to be finally be part of the club 13 months on from agreeing his contract.
Rochdale has been named Greater Manchester’s ‘Town of Culture’ for 2025
Emily Sergeant
Rochdale has officially been named Greater Manchester’s Town of Culture for 2025.
Taking over the reins from Bolton – which held the title in 2024 – and following in the footsteps of Stockport before that, which held the title in 2023, and even hosted a massive ‘Town of Culture Weekender’ festival with 50+ free events to celebrate and bring its title year to a close, it’s now the turn of the north-eastern Greater Manchester borough of Rochdale.
Rochdale’s year will build on the town’s already-rich cultural history and international reputation as the home of the co-operative movement.
More than 35 arts organisations will be bringing together an ambitious programme of festivals, exhibitions, events, and performances throughout the year.
Unfamiliar with what the ‘Greater Manchester Town of Culture’ title is all about? It’s an accolade that’s handed out every year to different boroughs across the region.
Bury was the inaugural title-holder 2020 and held onto it in 2021 too due to the COVID pandemic, before being followed by Stalybridge in 2022, Stockport in 2023, and of course, Bolton in the year just gone.
The title celebrates Greater Manchester’s culture and heritage.
As well as getting a new title to shout about, it also sees the towns given a grant from the Greater Manchester Combined Authority (GMCA) culture fund to help develop a programme of cultural events and activities throughout the year.
Rochdale has been named Greater Manchester’s ‘Town of Culture’ for 2025 / Credit: The Manc Group | Rochdale Council
In Rochdale’s case, you can expect the ‘very best local talent’, as this year is promising to put ‘people power’ centre stage, with residents helping to plan, develop, and deliver a lineup of creative activities, alongside a number of major events.
This includes the popular free days out for families, an exciting new urban arts festival, two different food and drink festivals, a lantern parade, the Ignite Fire Festival, a Pride parade, and so much more.
You can also expect live music performances, a new people’s gallery, and even some major international collaborations that are yet to be announced.
Rochdale is taking over the reins from Bolton, which held the title in 2024 / Credit: Rochdale Council
“Rochdale is a place with a rich cultural history, so it is great to name it Greater Manchester’s town of culture as it’s town hall and town centre enter a new era,” commented Greater Manchester Mayor Andy Burnham as the borough was crowned this week.
“Rochdale submitted a fantastic bid for this which, was incredibly exciting and ambitious, while being firmly rooted in its local talent and deep history.
Emily Sergeant -
21st September 2020 
