Covid 19 has caused a significant increase in payments by card and a reduction in the use o& cash because of hygiene fears. The government should take this opportunity to announce that cash will cease to be legal tender in say 3 years time, and to reduce the largest note value to £10. Any larger denomination notes should be paid into an account at a bank or building society by end of this year, after which they are no longer legal tender. Then they repeat for £10 notes in 2022 and then £5 notes and coins in 2023. So by 2024 all payments must be by card. This will destroy the drugs market, the black economy, and petty crime whilst providing a real boost to the Treasury at a time when new streams of income for the government will be needed.
I know it‚’s radical and there will be lots of moans but it‚’s so obvious, that any government not doing it must be content for the crime levels and tax avoidance to continue.
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