§ Mr. Higginsasked the Chancellor of the Exchequer if he will estimate the annual saving in cost of introducing £1 coins in place of £1 notes.
§ Sir Geoffrey HoweThe possibility of introducing a £1 coin has been considered but no decision has been reached. Although a £1 coin would almost certainly be a cheaper means of providing this unit of currency in due course, realistic estimates of the costs involved in such a change are dependent upon a wide range of factors such as the nature of the coin and the timetable for any changes.