LONDON: Britain will keep one penny and two pence coins in circulation, finance minister Philip Hammond announced on Friday, a year after saying they were obsolete and usually hoarded in jam jars or even binned.
“Technology has transformed banking for millions of people, making it easier and quicker to carry out financial transactions and pay for services,” Hammond said in a statement.
“But it’s also clear that many people still rely on cash and I want the public to have choice over how they spend their money.”
The 50-pound note ($65), which a finance ministry consultation last year said is perceived as a tool for money laundering, will also stay in circulation. The ministry faced a backlash after signalling that Britain’s remaining copper cash would go the same way as the halfpenny coin that was scrapped in 1984, even though the ministry warned at the time this could stoke inflation. — Reuters
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