Bank of England warns less than 100 days left to use paper £20 and £50 notes

BUSINESS

Products You May Like

But time is running out to spend the old banknotes that are still in circulation. The Bank of England first issued the new polymer £20 in February 2020 while the new £50 came out in June 2021.

The group estimates there are more than £6 billion worth of paper £20 notes still in circulation.

A further £8 billion of old £50 notes are also believed to still be in use.

People can swap the notes at a bank, and the Bank of England will exchange old banknotes after the end of September.

The group urged those who do this to “take appropriate measures to insure against loss or theft”.

READ MORE: Rishi Sunak’s cost of living support ‘will have virtually no effect on those struggling’

Money will be deposited into the sender’s bank account or issued by cheque within 10 working days.

If the exchange is worth less than £50 and the person lives in the UK, the central bank may simply issue the same amount they received in new banknotes.

The Post Office may also accept old notes to pay for items or Britons can use them to deposit the notes in an account.

Sarah John, chief cashier at the Bank of England, said: “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.

DON’T MISS: 

The old notes can be used until September 30, 2022.

The rollout of the new notes began with the new £5 note in September 2016, featuring wartime Prime Minister Winston Churchill.

Then the new £10 was released in September 2017, depicting the famous novelist, Jane Austen.

Bank of England bosses recently increased the base interest rate again, from 1 percent to 1.25 percent, in efforts to tackle inflation.

Inflation rates have reached a 40 year high of nine percent, with warnings from the central bank that this could reach 11 percent by the end of the year.

Fuel costs are currently the biggest contributor to inflation rates, as prices hit record highs in February.

The Bank of England said: “We will take the actions necessary to bring inflation down to two percent. This is the target the Government has set us.

“Precisely where interest rates will go depends on what happens in the economy and what we think will happen to the rate of inflation over the next few years.

“So we can’t say now exactly how high they will go. But they are not likely to reach the very high levels that some people experienced in the past.”

Savers will enjoy a slight increase on the interest on their savings as a result, with many banks and building societies upping their rates since the announcement.

Products You May Like

Articles You May Like

The Final Cut Reviews; Deet n Bax Save th’ World – A Stoner Comedy Starring Jason Mewes, Craig Michaelson and Weston Cage.
Deet n Bax Save the World Movie Starring Jason Mewes Premier on 4/20/2015 in Portland
Feature Film “Deet n Bax Save the World” Starring Jason Mewes to be Released on 4/20/2015 ”Deet n Bax Save the World” an Action Stoner Comedy starring Jason Mewes produced by TruEarth Entertainment.
TruEarth Entertainment to Deliver First Feature Film Starring Jason Mewes
Deet n Bax Save the World Movie – Sex, Guns & Weed!
Deet n Bax Save the World wrapped on November 4th!
Deet n Bax Save the World resumes filming this Monday in Portland Oregon!
Deet and Bax Save The World Movie Resumes Filming Soon!
Novavax cuts 2022 revenue guidance in half, stock tanks in after-hours trading
Crypto VC funding hits $30.3B in H1, Michael Saylor steps down as MicroStrategy CEO, and Voyager to return $270M worth of customer assets: Hodler’s Digest, July 31-Aug 6
Putin dealt crushing blow: 100th colonel dead hours after devastating explosion at base
BCG vaccine produces a “trained immunity response” which lasts more than a year
Glazers sent Man Utd transfer plea by Roy Keane after Brighton spoil Erik ten Hag party

Leave a Reply

Your email address will not be published.