I don't know that it would happen in the UK. In India, this was more about illegal money, corruption and black money which is basically unrecorded and untaxed money that is circulated as a matter of course in India. Cash transactions for properties for example.
It's causing absolute chaos but countless hundreds of billions of USD equivalent has been taken out of the Indian money supply and liquidity. Apparently as much as 15% of all money there was black money.
As a result of this move, the gold price in India shot up as high as $2300 USD per ounce, which is higher than it has ever been anywhere through history. I think it has come down now.
Gold Price Skyrockets In India After Currency Ban | Zero Hedge