The End of £20 and £50 Paper Banknotes is Coming
July 25, 2022
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2:34Now PlayingThe End of £20 and £50 Paper Banknotes is Coming
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as posted by the channelThe Bank of England is seeking to preserve the role of traditional banknotes and coins in everyday transactions, keeping it an option for consumers as electronic forms of payment grow in popularity.
Sarah John, the UK central bank’s chief cashier, said it will be “a long time” before society is ready to go cash free, and in the meantime authorities need to keep notes and coins circulating widely.
“It’s important that people have a choice of payment methods and they can choose what works best for them,” John said in an interview.
The BOE started issuing new polymer £20 notes in 2020 while phasing out paper £20 and £50 notes. The new notes are more durable and harder to counterfeit.
The old ones will be withdrawn as legal tender from Sept. 30. After that date, people will have to exchange the paper notes in person at the BOE’s London headquarters in Threadneedle Street or through the post. The BOE estimates £14.5 billion of the soon-to-be-worthless paper notes remain in circulation.
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