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Cash use declines in UK payments, but public holds more notes
Bank of England data shows cash fell to 8.0% of UK payments in 2025, while notes on its balance sheet rose to £99 billion, with £94 billion held by the public in Britain and overseas.
Cash is becoming a smaller share of UK payments, even as people appear to keep more physical notes as a backup in case digital payments fail, CryptoSlate reports.
The Bank of England said cash made up 8.0% of UK payments in 2025, down from 58% in 2009, according to a Sept. 17 explanation of its banknotes.
Despite the decline in payment share, the value of notes on the central bank's balance sheet nearly doubled from £50 billion to £99 billion over the same period, with £94 billion held by the public in Britain and overseas.
CryptoSlate notes the figures are nominal pounds, so inflation explains part of the increase, and overseas holdings mean the total cannot be treated as cash stuffed by households alone.