(Electronic) money, (electronic) money, (electronic) money

How do you promote your campaign to phase out physical currency? Get an endorsement from ABBA, of co

Because of all the excitement over the Budget, one could be forgiven for missing the biggest story today, in the Washington Post:

“I can’t see why we should be printing bank notes at all anymore,” says Björn Ulvaeus, former member of 1970’s pop group ABBA, and a vocal proponent for a world without cash...

A cashless society may seem like an odd cause for someone who made a fortune on “Money, Money, Money” and other ABBA hits, but for Ulvaeus it’s a matter of security.

After his son was robbed for the third time he started advocating a faster transition to a fully digital economy, if only to make life harder for thieves.

“If there were no cash, what would they do?” says Ulvaeus, 66.

The Financial Times (£) has a more serious take on the same issue, which contains this interesting point:

Apart from anything else, there is a cost to handling cash, in terms of storing, guarding and shifting it. A 2010 report by Visa cited a European Commission estimate that the cost to society of all payment methods is the equivalent of about 2-3 per cent of Europe’s GDP, of which cash accounts for two-thirds. A 2008 study by the McKinsey consultancy estimated that in Europe €60bn-€100bn annually is spent on processing cash payments, a figure that includes the production of notes and coins, transport and security. A similar study by the Dutch central bank puts the price tag at €300 per family. A number of Dutch supermarkets are talking about moving exclusively to cashless payments by 2014, in part to get away from cash handling costs. The motivation is the same for governments.

Given we were talking about the downside of transaction taxes this morning, it's worth bearing in mind that transaction costs have the same problem. If someone doesn't buy something because they don't have the cash on them, that is a net loss in welfare – both the potential buyer and potential seller are worse off than if the transaction had gone ahead. As anyone who has ever actually been in that situation knows.

Gimme, gimme, gimme a card after midnight. Credit: Getty

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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What did Jeremy Corbyn really say about Bin Laden?

He's been critiqued for calling Bin Laden's death a "tragedy". But what did Jeremy Corbyn really say?

Jeremy Corbyn is under fire for describing Bin Laden’s death as a “tragedy” in the Sun, but what did the Labour leadership frontrunner really say?

In remarks made to Press TV, the state-backed Iranian broadcaster, the Islington North MP said:

“This was an assassination attempt, and is yet another tragedy, upon a tragedy, upon a tragedy. The World Trade Center was a tragedy, the attack on Afghanistan was a tragedy, the war in Iraq was a tragedy. Tens of thousands of people have died.”

He also added that it was his preference that Osama Bin Laden be put on trial, a view shared by, among other people, Barack Obama and Boris Johnson.

Although Andy Burnham, one of Corbyn’s rivals for the leadership, will later today claim that “there is everything to play for” in the contest, with “tens of thousands still to vote”, the row is unlikely to harm Corbyn’s chances of becoming Labour leader. 

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.