According to the Bank of England, people have only 100 days left to use the £20 and £50 paper notes that are still in circulation. The last day for banknotes to have legal tender status is September 30.
The bank is encouraging anyone who still has these banknotes to use them or return them to their bank or post office by the end of September. While most of the £20 and £50 paper notes in circulation have been replaced by new polymer versions, there are still over £6 billion worth of paper £20 notes featuring the economist Adam Smith and over £8 billion worth of paper notes of £50, as highlighted entrepreneur Matthew Boulton and engineer James Watt, were in circulation. That's more than 300 million individual £20 notes and 160 million paper £50 notes.
It's been a year since the bank first issued a £50 polymer note featuring codebreaker and Bletchley Park scientist Alan Turing. The Turing 50 completes the "family" of polymer banknotes, all denominations of which - 5, 10, 20 and 50 - are now printed on polymer.
Bank of England Chief Cashier Sarah John said: “The transition from paper to polymer banknotes has been an important development in recent years as they are more difficult to counterfeit and more durable. Most paper banknotes have since been withdrawn from circulation, but a significant portion remains in the economy, so we ask that you check that you have them in your home. They can still be used normally or kept in your bank for the next 100 days."
The team of Persona Finance is always checking the worldwide news to be always up-to-date and help our clients. At Persona Finance, we provide a variety of remote accounting services that are essential for the operation of your business, from submitting tax returns to optimising taxes. Contact Persona Finance at [email@example.com] for more information about our services.