18-Jun-2018
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Ministers plan to get rid of 1p, 2p coins and £50 notes in bid for Cashless economy

LONDON March 14: Ministers are paving the way for 1p and 2p coins to be scrapped in a controversial move to remove cash from the economy. The proposal is contained in a new consultation on the future of money which could also see the end of £50 notes.
 
It came as Chancellor Philip Hammond unveiled a raft of proposals and measures including a hint that he could slash tax for small and medium sized businesses.
 
The good news for businesses came as new figures from the Department for International Trade revealed that Britain now has an all time record number of exporters up 3.4 per cent to 154,000 in 2017, selling an average of £2.1 million of goods abroad.
 
International Trade Secretary Dr Liam Fox, who is about to take 200 companies to a major creative industries festival in Texas, said: “More than a year after the EU referendum, global demand for UK goods continues to rise.
 
“By targeting overseas markets companies are not only delivering benefits to the local economy, but the wider country too.”
 
Help for businesses will also include measures to allow the least productive companies learn from the better performers, make paying tax on online purchases easier and introducing a new VAT collection system to ensure it gets to the Treasury.