In possibly one of the quickest budget u-turns in history, Downing Street has announced that plans to remove 1 pence and 2 pence pieces from circulation will be scrapped.
Chancellor Philip Hammond suggested dropping the use of the pennies along with £50 notes in his first Spring Statement on Tuesday. The statement can be seen as a mini-budget, with any major changes to the economy now being made in the Autumn budget.
The PM’s spokesman said the consultation was designed to allow the Government to see whether current types of money were effective in serving Brits’ needs. Early reaction to the proposed consultation was negative, and the plans were generally portrayed negatively in the newspapers.