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British Consumers Have One Week To Spend £11 bn Of Paper Banknotes Before They're Phased Out

British Consumers Have One Week To Spend £11 bn Of Paper Banknotes Before They're Phased Out

British consumers have just one week left to spend the last £11 billion ($12.4 billion) of paper banknotes that remain in circulation before the cash ceases to become legal tender.

As of September 30, almost £6 billion of old £50 notes and more than £5 billion of the £20 ones will no longer be accepted by UK businesses, the Bank of England said Friday. That’s a total of more than 360 million notes.

The Bank of England last year said it will be removing its paper £20  from circulation and gave users a six-month notice to alert them of the changes.

A statement earlier published by Pindula News said users could still use the note, “for now.” Read the statement on the bank’s website:

Our polymer £20 was issued a year ago today. There are now over 1.5 billion polymer £20 notes in circulation. Don’t worry, you can still use the paper £20 for now and we will give at least 6 months’ notice before that changes.

The new polymer £20 note featuring artist JMW Turner entered circulation for the first time in February 2020.

The Bank of England claims that the polymer £20 is its most secure banknote yet. It includes two see-through windows and a two-colour foil which makes it very difficult to counterfeit.

The note joined the Churchill £5 and the Austen £10 in the first series of polymer notes. A new polymer £50 featuring Alan Turing will be issued this year.

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16 Comments

Constable 4 months ago

Does it necessarily mean they have to spend or they can deposit the notes in a bank account or at least swap for other notes at the bank?


Tio4 4 months ago

They just deposit the money into their banks.

Tickey 4 months ago

Either option is acceptable

Ende Futi 4 months ago

ZVAVO!


tychmann 4 months ago

Isu edu ma Bond ude we phase them by throwing them away when they loose value kkkkkkk.


Zuze 4 months ago

very often it is used as substitute for toilet paper

Pensioner 4 months ago

Saka isu tine ma old pounds tiri mu Zimbabwe todii?
Akauya nevana vari ku Diaspora.
Kuti British Embassy ingamatore?


Tickey 4 months ago

Take them to your bank or RBZ. You can still shop using them

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Nimrod 4 months ago

Ma journalist amazuvano don't know how to write stories Poor heading and substadard content. Those with paper denominations don't have to spend it but they can deposit it as well
..


cde chipopi 4 months ago

what of our old ten trillion bearer cheques🤔🤔


Sixpence 4 months ago

Chengeta, wozobatidzisa moto kwaakunaya

bhuru 4 months ago

kkkkkkk wozobatidzisa 💪

Tintin 4 months ago

gara zviya mabond notes akanzi achamiswa rinhi?🤔🤔🤔


Zuze 4 months ago

They have already died of natural causes. Angosara kuita change mukombi chete. Saka hapana burial order. Wakapedzisira kuona queue yekutora maBond yekubank riinhi? The only queues yekubank now is to collect maYuwesi atumirwa kubva diaspora. In fact if you look closely, the longest queues are at Mukuru

Zimdollar 4 months ago

Kana Dr Nostro na Professor Vostro vasiya basa😁

Nelson Chamisa 4 months ago

kana ndakutonga.


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