{"id":29323,"date":"2015-06-11T14:33:44","date_gmt":"2015-06-11T13:33:44","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=29323"},"modified":"2015-06-11T14:33:44","modified_gmt":"2015-06-11T13:33:44","slug":"uk-notes-and-coins-are-not-debt-free-money","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2015\/06\/11\/uk-notes-and-coins-are-not-debt-free-money\/","title":{"rendered":"UK notes and coins are not debt free money"},"content":{"rendered":"<p>It has been claimed in comments on this blog that notes and coin are debt free money.<\/p>\n<p>This is not true. The Bank of England accounts dealing with the Issue Department make this clear. <a href=\"http:\/\/www.bankofengland.co.uk\/publications\/Documents\/annualreport\/2014\/boeaccounts.pdf\" target=\"_blank\">This is its balance sheet<\/a>:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2015\/06\/11\/uk-notes-and-coins-are-not-debt-free-money\/screen-shot-2015-06-11-at-14-26-52\/\" rel=\"attachment wp-att-29324\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-29324 size-large\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/06\/Screen-Shot-2015-06-11-at-14.26.52-550x501.png\" alt=\"Screen Shot 2015-06-11 at 14.26.52\" width=\"550\" height=\"501\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/06\/Screen-Shot-2015-06-11-at-14.26.52-550x501.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/06\/Screen-Shot-2015-06-11-at-14.26.52-330x300.png 330w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/06\/Screen-Shot-2015-06-11-at-14.26.52-247x225.png 247w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/06\/Screen-Shot-2015-06-11-at-14.26.52-145x132.png 145w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2015\/06\/Screen-Shot-2015-06-11-at-14.26.52.png 1292w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>The notes and coins in circulation are very definitely a liability of the Bank because they represent a debt owing.<\/p>\n<p>Shall we put this idea of debt free money to bed?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It has been claimed in comments on this blog that notes and coin are debt free money. This is not true. The Bank of England<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2015\/06\/11\/uk-notes-and-coins-are-not-debt-free-money\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,35],"tags":[],"class_list":["post-29323","post","type-post","status-publish","format-standard","hentry","category-banking","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/29323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=29323"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/29323\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=29323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=29323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=29323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}