Source · Select Committees · Public Accounts Committee
Recommendation 16
16
During the Covid-19 pandemic, between March and July 2020, there was a significant increase in...
Conclusion
During the Covid-19 pandemic, between March and July 2020, there was a significant increase in the value of notes in circulation.42 The Bank told us this is probably explained by people hoarding cash, and because less cash than usual was being deposited at banks for example by sole traders, window cleaners and gardeners.43