GoCashless - The Economic Benefits
OVER £20 BILLION ANNUAL BOOST TO THE ECONOMY-
Within three years -
- HMRC VAT receipts could rise by £4 billion per annum
- HMRC Income tax receipts could increase by £4.5 billion per annum
- HMRC Corporation tax receipts could increase by £5.5 billion per annum
- Reduction in crime could save the police £1.6 billion per annum
- The insurance industry would make savings of £1.4 billion per annum
- NHS savings would be £1.1 billion per annum
- Bank of England savings on printing/ minting cash and counterfeiting would be £1.6 billion per annum
- Retailers savings on managing cash would be £1.8 billion per annum
Total Annual Benefits £21.5 billion
All figures are estimates based on available information for which the GoCashless campaign accepts no responsibilty for any inaccuracies