2P OR NOT 2P?
Spring Statement 2018 Will £50 note, 1p and 2p coins be axed? Chancellor faces backlash over review on cash
PHILIP Hammond faces a backlash tonight after it was suggested 1ps and 2ps and the £50 note could be scrapped.
The future of the coins and note hangs in the balance after the Chancellor announced a review into the role of cash as today's Spring Statement.
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And the news hasn't gone down well with some Brits - who are worried their potential scrapping could spell the end of cash altogether.
One Twitter user wrote: "If you got rid of 1p and 2p pieces the amount of negative effects and problems caused would be many and ridiculously annoying.
"Not everything uses digital payments. The balanced system in place now works for a very high percentage of this population."
Another said: "The government shouldn’t get rid of 1ps and 2ps because there will be more negative affects rather than positive.
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"They might be pointless but sometimes could be useful."
Another user wrote: "So if they're going to scrap 1p and 2p coins how am I gonna get my change back from £1.99?"
But not everyone was so negative about the idea.
One wrote: "They're pointless. It's costs more to make them than their actual worth. I hate getting coppers in my change.
Another said: "Honestly this is a great idea. Literally the only point of these things are to waste on those arcade machines."
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Over the past two years, the Bank of England has been rolling out new polymer £5 and £10 notes to improve the quality of the money.
Thanks to the new plastic material, the new notes are stronger, cleaner and safer, which will also make them last longer in circulation.
Although plans to roll out polymer £20 have been announced for 2020, no-one has mentioned anything about updating Britain's highest note, the £50.
Could this focus on digital payments mean the end for the £50 note?
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Now, the Chancellor hasn't specifically said that he will be getting rid of notes and coins, but a document published on the Treasury website outlines reasons behind the review.
It describes how some countries have abolished their highest bank notes in an attempt to stop them being used illegally for things like laundering, and that the UK could think about doing the same.
The document also outlines the future of the coins worth the lowest - 1p and 2p coins.
Highlights from the Spring Statement 2018
TODAY Chancellor Philip Hammond updated the House of Commons on the health of the nation's economy. Here are the key points:
The economy is growing faster than expected - The Office for Budget Responsibility has upgraded its growth figures to 1.7 per cent in 2017 and 1.5 per cent this year – both higher than previously forecast in last November’s Budget.
Wages could rise above inflation - Inflation is forecast to fall this year, so by Autumn real incomes will be on the rise again.
Cut down on plastic waste - A consultation will be held to look into tackling Britain's huge plastic waste pile. This could mean more tax slapped on crisp packets or deposit returns schemes.
The end of the £50 note, 1p and 2p coins - A consultation has been launched to look into the future of cash and it could mean the end for some coins and notes.
Thousands more affordable homes - An extra £1.67billion for 27,000 affordable homes over the next five years and double the financial support for small house builders to £220million.
£80million boost for small businesses - Help for small businesses including bringing forward a rates revaluation.
Tax break for van drivers - Vehicle excise duty (VED) rates would be reviewed for commercial motors. Drivers who buy the “cleanest” new models are likely to be offered cheaper road tax rates in the future.
Here's how the Spring Statement affects you.
It claims that 500 million 1p and 2p coins fall out of circulation every year, meaning that the Royal Mint has to replace them.
But they say, thanks to more people using their cards to pay, there doesn't seem to be so much need for them to be in circulation.
Of course, this isn't set in stone - it's all part of a review that anyone can give feedback on.
If you do, you can get in touch via the website and you have until June 5 2018.
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If the notes did go out of circulation, they could one day be worth a small fortune - far more than their original value.
Old coins and notes have been selling for thousands of pounds at auction, but it's not just any old coin that will be worth something more.
These are the most valuable and rarest 50p coins – and you could have one worth £140 in your spare change.
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