Bank of England criticised for losing track of £50bn of banknotes

Commons public accounts committee condemns Bank for ‘lax attitude’ to money’s whereabouts

It is known throughout the world as a byword for security. But the Bank of England is evidently a tad unclear on the whereabouts of £50bn of banknotes, and it doesn’t seem to be overly concerned about it, a powerful group of MPs has said.

In a stiff rebuke for Threadneedle Street, the Commons public accounts committee said the money – equivalent to a stack of £5 notes more than 800 miles high – had essentially gone “missing” because the Bank did not keep close enough tabs on cash usage in modern Britain.

Continue reading...

from The Guardian https://ift.tt/3ozeEhB