The Treasury has confirmed that the £50 note will continue to be part of the UK’s currency, and further, that the Bank of England will reissue it as a new modern polymer note. According to Treasury sources this will help clamp down on crime.
The announcement follows a public consultation and the government has confirmed that the current mix of coins and notes will remain. The move will apparently give us more flexibility over how we spend and manage our money while making it harder for criminals to counterfeit the new note.
Originally introduced in 1981, there are currently 330 million £50 notes in circulation – with a combined value of £16.5 billion. According to the Bank of England, demand for the note is continuing to rise.
The Bank of England has also confirmed that the new £50 polymer note will be printed in the UK to accompany the existing £5, £10 and upcoming £20 notes. This will ensure that the UK’s currency continues to be secure.
- Furlough claims from 1 November 2020 - November 24, 2020
- Are you eligible for further self-employed grants? - November 19, 2020
- Current businesses subject to lock-down - November 17, 2020
- Are you eligible for Universal Credit? - November 12, 2020
- Government financial support extended - November 9, 2020
- Get ready for end of EU transition period - November 5, 2020
- Are you making the most of your accounts data? - November 4, 2020
- Tax Diary November/December 2020 - November 2, 2020