Why cash hoarding in the UK proves the world still craves permissionless money

You can spend weeks paying for everything with your phone and still feel better knowing there's some cash at home. That might sound old-fashioned until your bank's app stops working, your card gets declined for reasons nobody can explain, or the power goes out while you need groceries.In those moments, the idea of financial security stops being an abstract ideal you strive for and turns into something very practical. You need to be able to pay, and the money in your account only helps if you can get to it.This seems to be what's going on in the UK, as Britain's newest cash numbers capture this change surprisingly well. In a Sept. 17 explanation of its banknotes, the Bank of England said cash made up just 8% of UK payments in 2025, down from 58% in 2009. However, the value of notes on its balance sheet went from £50 billion to £99 billion over that period, with £94 billion now held by the public in Britain and overseas.Those are nominal pounds, so inflation accounts for part of the increase, and the overseas holdings mean we can't treat the total as money British households have stuffed into drawers. But even with those qualifications, the contrast is striking: people use cash less ...