The term legal tender relates to settling debts, rather than how you can pay for things.
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 we pay for things, and even the concept of paying, have developed over 11,000 years.
In the past you could exchange banknotes for gold. Today the value of money comes from trust.
Cash remains popular despite the rise of contactless cards and other new payment methods.
Cryptoassets are generally held as investments by people who expect their value to rise.
Cyber-risk can cost businesses money, cause disruption or damage your reputation.
We can purchase assets to stimulate the economy. This is often known as quantitative easing.
We mostly print money to replace old, worn-out banknotes. But it’s also up to demand.
While rare serial numbers often generate interest, banknotes will only ever be worth their face value to us.
Our new banknotes are made of polymer because it is cleaner, safer and stronger than paper.
We do not set the exchange rate. But our actions can indirectly affect the value of the pound.
A typical UK household spends over £500 more in December compared to other months.