Post Office reveals a shortage of £10 notes

[TrueBlueTerrier]

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After the hundreds of billions of pounds that have been pumped into the shattered economy, you might think there would be enough ready cash to go around.But Post Office staff were horrified to be told that their usual stock of £10 and £20 notes were to be replaced by £50s - due to a supply shortage.

Their particular concern was for pensioners, many of whom would be mortified to receive their winter fuel payments, worth up to £400, in £50 denominations.

Dismay: Post Offices throughout the UK were told £10 and £20 notes would be replaced with £50 notes due to a supply shortage - meaning pensioners collecting their winter fuel allowance will be forced to carry large denominations

The PO pronouncement, contained in its weekly newsletter to the 11,500 branches, read: ‘Due to a lack of £20 and £10 notes in the UK financial system, we have been unable to secure the same level of stock as last year.

‘This means your branch will be supplied with significantly more £50 notes than previous years.’

However, staff argue that £50s are of little use to many of their customers.

Many will worry about carrying such a large amount of money, while others will find small shops often refuse to take the notes, which can wipe out their supply of change.

One sub-postmaster, from Wales, said he has received £50 notes in his branch’s weekly cash delivery for the first time in eight years. ‘Our customers never deal in £50 notes - and why should they?’ he added. ’We are going to have OAPs becoming very unsettled because they are not going to get their money in the normal way.’

The newsletter, titled Operational Focus, went on to insist that the organisation was doing its bit to resolve Britain’s latest cash crisis.

‘The wholesale team are continuing to work closely with the Bank of England and other institutions to obtain additional supplies of £20 and £10 notes to improve the situation,’ it read.

Last night, a Bank of England spokesman said there was ‘no shortage whatsoever’ of cash.

It holds more than £1billion in £5 notes, about £2billion in £10s, £ 5billion in £20s and £5billion in £50 notes, he added. ‘These stocks would last many months based on normal outflows and are constantly replenished,’ the spokesman said.

‘The Post Office has sufficient quantities to meet Winter Fuel Payments.’

But Post Office sources insisted that, at one stage, bosses had feared they were running short of certain denominations, which is why the circular was sent out.

[Lounge Lizard]

Moan, moan, moan, that's all some people do nowadays.
Don't they realise £50 notes take up less space stored under the matress.

[axeman]

must have paid crazier his bonus in 'tenners' ........the gready little jumped up upstart