It is step towards flushing out the underground economy. Drug dealers, gangs, and the occasional "I don't trust the banks" hoarders will have to exchange their paper notes for the new polymer ones, which will then raise the issues of "where did you get £$100,000 in £50 notes?
Good points.
I don’t know about the UK, but in America, banks report to the government if someone deposits $10,000 or more in cash into the bank. I wouldn’t be surprised if people in the UK making large deposits, end up on someone’s radar due to this.
Excellent insight. They have to flush out the underground...