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It’s the season of goodwill. How lovely to hear Carol singers singing beautiful songs and collecting money for charity. Last night I passed by a group of about 20 singers and had to pass them by because I had no coins in my pocket and the smallest note in my pocket was £20. Maybe I should have dropped £20 into their hat, but this problem must be hitting charity collectors and buskers really hard. Card readers are cheap and have been given to some buskers around the world including London....

Ian Collier
by Ian Collier
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Ian Collier

I am watching the six o’clock news about the trafficking of migrants by dingy across the English Channel. The report states that Illegal immigrants pay the traffickers in cash (no surprise there) but when they get to the UK they get paid in cash because they are unable to open bank accounts. There is no way that the Navy can patrol all our coastlines and those who get through only perpetuate the practice. A cashless society would mean that illegal immigrants could not work and it would...

Ian Collier
by Ian Collier
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Ian Collier

Some people don't have local banks. Some people have to wait for mobile banking vans. Some people do not have internet access. Some people cannot afford smart phones. Some people are resistant to any change, sometimes because they are dislike change, sometimes because they are just unable to change. Those people, for whatever reason, who will always rely on the use of cash rather than electronic payment methods will inevitably be left behind.  So if there is going to be less use of cash...

Ian Collier
by Ian Collier
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Ian Collier

We may not become fully cashless as a nation but for sure we are de-cashing (using less cash). The less cash we use the less it will be easy to access with reduced high street banks and ATMs. Those who rely on using cash may find it more inconvenient to access and probably more expensive too as the unit cost of providing and handling cash is likely to rise. So the government should immediately start an education programme to help those who find modern technology difficult. They are the...

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by Ian Collier
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Ian Collier

In a totally cashless economy, could the entire taxation system be replaced by a levy on transactions? It would destroy multinationals' ability to send profits overseas through transfer pricing mechanisms to avoid tax in their host country It would eliminate tax evasion as all tax is automatically collected through their electronic payment  Anyone have any views on this?

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by Ian Collier
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Ian Collier

Calling all lady (oh and some male) readers. Am I deluded when it appears to me that in particular most Nail Salons in particular only accept cash.  Can someone tell me why? My thoughts are that it could be: They distrust banks Electronic payments are very expensive Cash is a good way to evade tax They pay their staff in cash so it is convenient to get paid in cash. If they do choose to pay their staff in cash is it because: Their staff want to be paid in cash: why?...

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by Ian Collier
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Ian Collier
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HMRC in its report "Measuring The Tax Gap" suggests that the tax gap is £33bn of which £5.3bn is from evasion and another £3.2bn from the hidden economy. Whilst I admire the work done by HMRC, I am staggered that they believe that the hidden economy hides such little tax lost.  I wonder what percentage of readers have never evaded tax in some way by paying in cash. It would just seem to me that the hidden economy is so much larger than HMRC are suggesting. What do readers think? Also,...

Ian Collier
by Ian Collier
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Ian Collier

Cash is an expensive payment option. It requires printing, minting, transporting, counting and insuring. It’s why supermarkets offer “cash back” to get cash out of their tills as digital payments are so much cheaper. What happens when their is less cash usage, less High St banks, less ATMs?  The cost of handling cash will increase per unit of usage.  Who will pay for this? The banks won’t want to pay so they will pass that cost on. If the BoE insists on banks providing  cash option will...

Ian Collier
by Ian Collier
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Ian Collier

I was surprised when I discovered that there was approximately £1000 of cash in circulation for every man woman and child in this country. With the vast majority of citizens having little or no savings, one wonders who holds this cash. Most people one talks to never use £50 notes or have even seen one in months. But the number of £50 notes in circulation is increasing rapidly.  Possibly these notes are used for illicit purposes or hoarding of large amounts of cash by the few.  Why do...

Ian Collier
by Ian Collier
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Ian Collier
 

Ian Collier

London, United Kingdom

Joined this community on Nov 10, 2018

Bio Actuary and Chairman of the IFoA Cashless Society Working Party and co-author of “A Cashless Society-benefits, risks and issues”

Role
Chairman-Cashless Society Working Party

Organisation
Institute and Faculty of Actuaries

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