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Swaffham shop's role in £5 note trial

PUBLISHED: 10:35 03 July 2010 | UPDATED: 11:46 08 July 2010

A SWAFFHAM shop will play a key role in a national campaign to push more five pound notes into general circulation, fuelled by concerns about a lack of the smallest note denomination in England and Wales.

A SWAFFHAM shop will play a key role in a national campaign to push more five pound notes into general circulation, fuelled by concerns about a lack of the smallest note denomination in England and Wales.

The lack of fivers has been of long term concern to various campaign groups and organisations, including the Bank of England.

Although it may sound as if there are plenty of £5 notes out there - the latest Bank of England figures suggest there is around £1.3bn worth in circulation in the UK - businesses have long reported difficulty in getting hold of enough, often forcing them into handing back coin-only change.

Experts also suggest that having more fivers would give people more control over what they spend in financially difficult times.

While all UK cash machines must have the capacity to hold all denominations of notes, demand and efficiency means most give £10 and £20 notes only.

Automated teller machine (ATM) operator Bank Machine will this week launch a nationwide network of free-to-use 21 machines which will only dispense fivers, irrespective of how much money is withdrawn.

All will be in Martin McColl newsagents, with the Market Place, Swaffham branch and the Church Street, North Walsham branch representing Norfolk in the list.

Bank Machine was the first operator to install £5-only cash machines with two machines in London getting an additional 100,000 fivers into circulation every month.

Bosses said the demand for the London service had led to the national initiative.

Ron Delnevo, managing director of Bank Machine, said: “We believe that these unique fiver-only machines will be of huge benefit to both the public and businesses in the Norfolk area.

“The measures outlined in the latest Budget mean that we all need to be more aware and more in control of how much we are spending.

“Easy access to £5 notes will help give us all more control by, for example, allowing less cash to be taken out of ATMs at each visit.

“You can't spend what you don't have in your wallet.”

Andrew Bailey, chief cashier at the Bank of England, said: “The Bank has several projects underway to meet public demand for more £5 notes.

“One of these aims at encouraging the industry to include £5 notes in their ATMs, the front line of cash provision to the public.”

The new machines will also be in Manchester, Stroud, Oakham, Oxford, Cardiff, Paddock Wood, St Mellons, Portsmouth, Strathaven, Axminster, Newton Abbott, Banchory, Penzance, Cannock, Crosby, Beaconsfield, Lower Early, Market Rasen, and Fleet.

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