Demand for £50 notes ‘fuelled by lack of faith in banks’ – Telegraph

Via Demand for £50 notes ‘fuelled by lack of faith in banks’ – Telegraph:

Demand for £50 notes has risen sharply during the recession because the public has lost faith in the banks, the Bank of England’s chief cashier Andrew Bailey has suggested.

The suggestion is that more people are hoarding cash, rather than depositing it with banks, after the whole banking system was on the brink of collapse post-Lehman.

Which tends to reinforce Prof Jesús Huerta de Soto’s reform plan, explained by Toby Baxendale here and James Tyler here.

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