What is legal tender?
The term legal tender relates to settling debts, rather than how you can pay for things.
How do card payments work?
Whether you’re buying groceries or a laptop, paying by card only takes seconds. Here’s how the money gets from A to B.
How has money changed over time?
How we pay for things, and even the concept of paying, have developed over 11,000 years.
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Why does money depend on trust?
In the past you could exchange banknotes for gold. Today the value of money comes from trust.
Will cash die out?
Cash remains popular despite the rise of contactless cards and other new payment methods.
What are cryptoassets (cryptocurrencies)?
Cryptoassets are generally held as investments by people who expect their value to rise.
Is my money safe from cyber attacks?
Cyber-risk can cost businesses money, cause disruption or damage your reputation.
What is quantitative easing?
We can purchase assets to stimulate the economy. This is often known as quantitative easing.
How do we know how much money to print?
We mostly print money to replace old, worn-out banknotes. But it’s also up to demand.
How much is a banknote worth?
While rare serial numbers often generate interest, banknotes will only ever be worth their face value to us.
Why are new banknotes made of polymer?
Our new banknotes are made of polymer because it is cleaner, safer and stronger than paper.
Who sets exchange rates?
We do not set the exchange rate. But our actions can indirectly affect the value of the pound.
How much do we spend at Christmas?
A typical UK household spends over £800 more in December compared to other months.