Brits Hoarding Cash Amid Global Volatility, Says Bank of England Official

The rising number of British banknotes in circulation suggests households are hoarding cash as they face times of extreme uncertainty and the possibility of network outages, according to a Bank of England official.

BOE Chief Cashier Victoria Cleland said Tuesday that UK households turned to cash during the pandemic and for budgeting in the subsequent cost-of-living crisis, while some like to keep a contingency pot amid the threat of payment networks being grounded.