How Did £50 Billion in U.K. Banknotes Just Go Missing ?
On 12/11/20 at 5:50 AM EST
The Bank of England has been criticized by lawmakers in the United Kingdom after it was discovered that £50 billion ($67 billion) in banknotes has essentially gone missing .
A powerful group of MPs that make up the government s Public Accounts Committee (PAC) said the U.K. s central bank needs to shoulder responsibility for the unaccounted cash and take a more proactive role in tracking it down.
The Bank of England denies responsibility for the cash, and in a statement said: It is the responsibility of the Bank of England to meet public demand for banknotes. The bank has always met that demand and will continue to do so. Members of the public do not have to explain to the bank why they wish to hold banknotes. This means that banknotes are not missing.