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Downing Street relents to stop ditching of the penny
Downing Street has made a U-turn and has decided to save 1p and 2p coins due to the public uproar fired by threats to scrap them.
A spokesman for the Prime Minister said that "the early reaction" of the public made it clear that Britain wants to keep copper coins.
The PM's spokesman said on Wednesday: "There are no proposals to scrap one or two pence coins in the consultation that HMT issued yesterday. The call for evidence is simply intended to enable the Government to better understand the role of cash and digital payments in the new economy.
"One thing HM Treasury were seeking views on was whether the current denominational mix of coins meets the public's needs, and from the early reaction it looks as if it does.
"The Government welcomes all contributions to the debate and will respond fully after the call for evidence closes on June 5."
The government's Philip Hammond announced on Tuesday's Spring Statement that there were proposals to abolish 1p and 2p coins as well as £50 notes, but the public didn't react well to the news.
The PM spokesman said that they are still looking into the utility of the £50 note. The note has always been seen as rare and it is perceived to be used mainly in criminal activity.
It is not the first time the government has considered scraping pennies, in 2015 then-Chancellor George Osborne proposed the measure only to be blocked at the last minute by former PM David Cameron.
Liberal Democrat leader Vince Cable said that the decision was good news for charities and seaside penny arcades that depend greatly on copper coins.