Paper Banknotes UK: Just 100 Days Left To Spend Paper £20 And £50 Notes

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Paper Banknotes Deadline: The Bank of England said people holding £14.5 billion in old paper banknotes have just 100 days to spend or deposit the money before it becomes worthless.

The central bank said about 477 million of Britain’s last remaining banknotes printed on paper remain in the hands of the public but will cease to be legal tender after Sept. 30.

“The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy,” said Sarah John, chief cashier at the BOE.

The paper notes are the last of their kind in the UK. The central bank started printing on a plastic-like polymer that’s more durable and has improved security features.

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There are still £8.2 billion of the £50 notes and £6.3 billion of the £20 ones in circulation, the BOE said.

The new polymers feature artist J.M.W. Turner and mathematician Alan Turing. After Sept. 30, people will have to exchange the paper notes in person at the BOE’s London headquarters in Threadneedle Street or via post.

Source: Ngnews247.com

Alamu Tosin

The writer is Alamu Tosin. I have three strong passions in life — football, blogging and movies — in that order. I love spending time with friends talking about the important things in life and hate nothing more than ‘authority’ and hypocrisy. My personal believe in life is that once an individual sets his/her mind to achieve something, it is totally possible. And oh!, I am a strong Lannister, because I always pay my debt. For writing or fixing gigs, contact [email protected]

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