Bonus episode: Bank of England's Victoria Cleland on the future of cash - and wildlife on banknotes

The episode features an insightful conversation with Victoria Cleland, the Chief Cashier of the Bank of England, about the state and future of cash payments in the UK. Cleland asserts that cash is still in high demand, particularly among certain demographics such as the elderly and those who are vulnerable, who rely on cash for budgeting or personal preference.

She addresses concerns regarding the potential decline of cash usage, noting that approximately 2.6 million people in the UK are heavily dependent on cash. The conversation shifts to challenges, such as retailers moving away from accepting cash. Cleland stresses the importance of ensuring that cash remains accessible and relevant by continuously issuing secure banknotes and educating the public about the benefits of cash, especially considering recent emergencies that highlighted the vulnerability of digital payment systems.

Cleland also discusses a new initiative involving public consultation on the future designs of banknotes, specifically featuring wildlife images. With over 400,000 people already engaging in this process, the initiative showcases a commitment to public involvement while aiming to enhance security features in new banknote designs. The episode underscores the ongoing relevance of cash and the need for choices in payment methods to cater to a diverse population.