£70k sat in the bank

Fu_Man_Chu

Hi, not sure if this is the correct location but I need some advice.
We currently have £70k sat in the bank after remortgaging in April. The money was to be used for a home extension that, due to planning consent, has dragged on for the best part of a year. We now have the permission needed and have found a builder who can start in September.
I'm concerned having this much cash in the account especially given the Covid-19 escalation and uncertainties around the economy as a result. Will we have a recession that could lead to the BOE printing money and hyperinflation? This could wipe out our money if so what's the best way to protect it over the next 6 months?
Any advice would be greatfully appreciated

HAMISH_MCTAVISH

No issues with it sitting in a UK licensed bank.   

Govt protection scheme exceeds that value.

Yes there'll be a nasty recession shortly, that's already baked in. 

Yes the BOE may well engage in further QE. 

No there won't be hyperinflation just as there wasn't last time the BOE printed hundreds of billions.

Best way to protect your cash is to leave it in the bank.   

Thrugelmir

Hyperinflation?  You cannot be serious. 

Fu_Man_Chu

Thanks for your condescending response. 
I have little knowledge of economics other than past history. Hence me asking the question

TheCheerleader

Under £85k is protected by the FSA in UK banks, so your money is safe for your extension. 

The idea of hyperinflation is so removed from reality at the moment, you can excuse people scoffing at the notion.

silvertooth

Thrugelmir said:

Hyperinflation?  You cannot be serious. 

Yes very serious 

USA just added $1.5 TRILLION to the currency supply!!!!!!!!


all this extra currency has to be soaked by higher and higher prices and all they can do is create more trillions of units of currency all around the world 

Sailtheworld

If you want to see inflation have a look what the spivs on Ebay are selling toilet rolls for.

silvertooth

Sailtheworld said:

If you want to see inflation have a look what the spivs on Ebay are selling toilet rolls for.

Free market works out supply and demand fundamentals 

just see how much the black market prices on lots of these things will be in several months time

silvertooth

The French and other governments have fixed prices on hand sanitizers which just means they drive the market underground 

nobody would sell for the governments forced low price

it all goes black market 

same with silver coins 

silvertooth

Things are going crazy in Costco every time there is a story of new stock coming in

bit there is very little new stock coming into the country 

_mayonnaise_

silvertooth said:

Things are going crazy in Costco every time there is a story of new stock coming in

bit there is very little new stock coming into the country 

Stop spreading fake news.

Just been to Costco.

Everything as usual. Well stocked all over.