Treasury Denies 1p and 2p Coin Scrapping

The UK Treasury has denied rumors that 1p and 2p coins will be scrapped, despite no new orders for these coins from the Royal Mint this year due to a surplus in circulation. An estimated 27 billion coins are currently in use, and officials cite sufficient existing stocks as the reason for halting new production. While the Treasury has no immediate plans to change the coin mix, the growing trend towards a cashless society has prompted discussions about the future of these denominations. Former Chancellor Philip Hammond had previously called the coins 'obsolete' but later assured their continuation. The Financial Conduct Authority has introduced new rules to ensure access to cash despite branch closures, reflecting ongoing dependence on physical currency among millions in the UK.