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| Extra £5 notes for cash machines | Extra £5 notes for cash machines |
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| The Bank of England has said it will urge banks to increase the availability of £5 notes in their cash machines. | The Bank of England has said it will urge banks to increase the availability of £5 notes in their cash machines. |
| It will also ask shops to give out more fivers in change to meet demand from consumers for the note. | It will also ask shops to give out more fivers in change to meet demand from consumers for the note. |
| While all UK cash machines must have the capacity to hold all denominations of notes, demand and efficiency means most only give £10 and £20 notes only. | |
| In the past two years the value of £5 notes in supply has increased from about £1bn to £1.3bn. | In the past two years the value of £5 notes in supply has increased from about £1bn to £1.3bn. |
| However, owing to the regularity of use, a £5 note only lasts in circulation for a year before being too damaged to use. The lifespan of a £50 note is usually five years or more. | However, owing to the regularity of use, a £5 note only lasts in circulation for a year before being too damaged to use. The lifespan of a £50 note is usually five years or more. |
| Now Andrew Bailey, the Bank's executive director for banking services and chief cashier, is to further the fiver's case. | Now Andrew Bailey, the Bank's executive director for banking services and chief cashier, is to further the fiver's case. |
| He told the Banknote Conference in Washington that after two recent trials the Bank now had the evidence to "press the case for raising the dispense" of £5 notes. | He told the Banknote Conference in Washington that after two recent trials the Bank now had the evidence to "press the case for raising the dispense" of £5 notes. |
| The Bank had asked HSBC and supermarket Sainsbury's to issue more £5 notes, and feedback from HSBC showed the case for stocking some cash machines with fivers was stronger than previously envisaged, he said. | The Bank had asked HSBC and supermarket Sainsbury's to issue more £5 notes, and feedback from HSBC showed the case for stocking some cash machines with fivers was stronger than previously envisaged, he said. |
| HSBC had stocked 100 of its cash machines in the Midlands and south west of England with more fivers than usual. | HSBC had stocked 100 of its cash machines in the Midlands and south west of England with more fivers than usual. |
| Meanwhile, Sainsbury's reported that by using more £5 notes it had been able to speed up payment processing at the checkout | Meanwhile, Sainsbury's reported that by using more £5 notes it had been able to speed up payment processing at the checkout |
| "In the New Year I hope and expect that we will take these examples to other financial institutions and major retailers to make the case for a change of policy towards issuing £5s," said Mr Bailey. | "In the New Year I hope and expect that we will take these examples to other financial institutions and major retailers to make the case for a change of policy towards issuing £5s," said Mr Bailey. |
| Popular question | Popular question |
| Speaking to the BBC in February, Mr Bailey said the questions he was asked more than any others were why there were not enough £5 notes in circulation and why they were not good enough quality to last very long. | Speaking to the BBC in February, Mr Bailey said the questions he was asked more than any others were why there were not enough £5 notes in circulation and why they were not good enough quality to last very long. |
| A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change Chris Haines, London taxi driver Follow a fiver - from production to destruction Dying cheques mark changing times | A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change Chris Haines, London taxi driver Follow a fiver - from production to destruction Dying cheques mark changing times |
| "We are very keen to get £5 notes into circulation," said Mr Bailey, whose signature is printed on every Bank of England note. | "We are very keen to get £5 notes into circulation," said Mr Bailey, whose signature is printed on every Bank of England note. |
| The move was welcomed by some in service industries, including Chris Haines, a London taxi driver, who said the shortage of fivers had become a real problem. | The move was welcomed by some in service industries, including Chris Haines, a London taxi driver, who said the shortage of fivers had become a real problem. |
| "A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change," he said. | "A lot of London cabbies have to buy a cup of tea or buy a sandwich to get enough fivers in their hands to give out as change," he said. |