§ Mr. FrenchTo ask the Chancellor of the Exchequer what estimate he has made of the fact value of forged currency in currency in circulation in the form of(a) notes and (b) coinage. [24715]
§ Mr NelsonThe Bank of England is not in a position to provide a meaningful estimate of the number of counterfeit notes in circulation. A record is maintained of the number which are received from circulation but the Bank, in common with most note-issuing authorities, does not publish details of the counterfeits it receives. However, despite an increase in counterfeiting over the last few years, counterfeit notes detected still represent only a fraction of 1 per cent, of the total notes in circulation.
The Royal Mint is not in a position to provide an estimate of the number of counterfeit coins in circulation.