Brits Are Hoarding Cash Post-Brexit At Fastest Rate Since 2009

Thursday, August 4, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
Aug 4, 2016

Is this the reason why Mark Carney went Full “shock-and-awe”-tard this morning?

Households may have started to hoard their cash, with new figures showing that the amount of money being kept outside Britain’s banking system is now rising at the fastest rate since the financial crisis.

As Sky News reports, in the weeks following the EU referendum, the rate at which households and businesses built up holdings of UK banknotes and coins rose above 8% a year for the first time since 2009, according to a Sky News analysis of Bank of England statistics.

The growth rate of cash in circulation has more than doubled since January, when it was running at 4% a year, with a sudden acceleration in the weeks following the EU poll.

In cash terms, the amount of notes and coins outside the banking system rose by £1.2bn since the end of May, and by £5.9bn in the past year – the biggest annual rise on record.

Sky News has also found that the proportion of UK banknotes circulating outside the banking system – in people’s pockets, stored at home and outside the country – has now hit the highest level since 1979, as a percentage of GDP.

The Rest…HERE

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