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The end of a paradox?
People in the UK are using cash less and less to pay for goods and services. In 2017, debit cards overtook cash as the most popular payment method. Over recent decades, this decline in the use of cash for transactions has occurred alongside a rise in the total value of notes in circulation. Between 2005 and 2017, the value of Bank of England notes in circulation doubled, growing faster than inflation, largely driven by the £20 and £50. This suggests increased use of banknotes as a store of value. Yet this paradox of falling transactional use, but rising notes in circulation, may now be disappearing. Peak-to-peak ... (full story)