Originally posted by ladymuck
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Can everyone please check their war chests?
Collapse
X
-
First Law of Contracting: Only the strong survive -
He'll be offering to search your drawers next.bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)Comment
-
Just looked at the current banknotes site on bank of England at how old each of our notes are.
Current banknotes | Bank of England
£50 was issues in 2011
£20 was issued in 2007.
I assume most of missing/unaccounted will be higher value notes.
I guess when they issue new versions will it not flush out the missing cash?
Also how can money be missing, it is just "promise to pay the bearer the some off"
Subject/Request details: What is the value of the sterling currency? Bank of England banknotes say promise to pay the bearer on demand, what is it that you would pay upon receipt of one of your banknotes? What gives sterling its value, using the labour theory of value?
Date released: 25 February 2016
Disclosure:
Since the Bank of England’s (the ‘Bank’) foundation in 1694 the Bank has issued notes promising to pay the bearer a sum of money. For much of its history the promise could be made good by the Bank paying out gold in exchange for its notes. The link with gold helped to maintain the value of the notes, although the link was sometimes suspended, for example in wartime.
The link with gold was finally broken in 1931 and since that time there has been no other asset into which holders have the right to convert Bank of England notes. They can only be exchanged for other Bank of England notes. Nowadays public faith in the pound is maintained in a different way - through the Bank's operation of monetary policy, the object of which, by statute, is price stability.
The promise to pay does not have the same meaning as it did three hundred years ago. Nowadays, the ‘promise to pay’ holds good in perpetuity for the exchange of old series Bank of England notes which have been withdrawn from circulation, as well as mutilated Bank of England notes, provided that certain criteria are met.
Finally, in terms of the labour theory of value, the cost to produce a banknote is minimal, however, its real value lies in the value of the goods and services you can exchange it for.
Comment
-
Had an old paper £10 note refused by a local shop the other day. Dunno who gave it me.bloggoth
If everything isn't black and white, I say, 'Why the hell not?'
John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)Comment
-
Originally posted by _V_ View PostIf you need someone to help you find your chest, you have my condolences .The greatest trick the devil ever pulled was convincing the world that he didn't existComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment