Britons ‘hoarding cash amid economic uncertainty and fear of outages’

Households seeking safety net in time of global volatility, according to Bank of England’s chief cashier

Britons are hoarding physical cash amid extreme economic uncertainty and to provide a safety net for possible banking system outages such as the recent one in Spain, according to the Bank of England’s chief cashier.

Victoria Cleland said on Tuesday that UK households were building a cash contingency pot, much as they did during the Covid and cost of living crises.