Paper £20 and £50 notes to be withdrawn from circulation by end of September

27 Jun 2022

The Bank of England (BoE) has reminded the public that it will be withdrawing the legal tender status of paper £20 and £50 banknotes after 30 September 2022.

According to the Bank, there are still over £6 billion worth of paper £20 notes and over £8 billion worth of paper £50 notes in circulation.

The BoE is encouraging anyone who still has paper £20 or £50 notes to use them or deposit them at their local bank branch or post office.

Commenting on the matter, Sarah John, Chief Cashier at the BoE, 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.

'The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we're asking you to check if you have any at home.'

Management Accounting image

Management Accounting

Producing monthly or quarterly management accounts on a regular basis.

View more
Business planning image

Business Planning

Our proactive team can help you to put an efficient business plan into place.

View more
Factsheets & Resources image

Factsheets

Our factsheets cover a range of relevant accountancy and business topics.

View more

Home | Contact us | Site map | Accessibility | Disclaimer | Help | © 2022 Spencer Woods Limited. All rights reserved.

Spencer Woods Ltd : Unit 5, Concept Court, Kettlestring Lane, Clifton Moor, York, Yorkshire YO30 4XF
Spencer Woods (York) Ltd : Unit 5, Concept Court, Kettlestring Lane, Clifton Moor, York, Yorkshire YO30 4XF
Spencer Woods (North East) Ltd : Unit 5, Concept Court, Kettlestring Lane, Clifton Moor, York, Yorkshire YO30 4XF
Spencer Woods (Thirsk) Ltd : 39 Westgate, Thirsk, Yorkshire YO7 1QR
We use cookies on this website, you can find more information about cookies here.