Explainer-in-brief: Why paper bank notes are finally on the out
Hear, hear: we all have 99 days left to use our £20 and £50 paper banknotes before they’re out of the market.
Why is the Bank of England taking these notes away? The OId Lady says paper notes are easier to counterfeit than plastic ones, so it’s time to get rid of them. Plastic ones are also more durable – something you’d know if you are in the minority of nostalgic people who still use them.
The Bank says despite recent moves to ensure all notes are in polymer – including the release last year of those with scientist Alan Turing’s face – there are still more than £6bn worth circulating in the form of £20 notes, and over £8bn in £50 notes.
So if you still have those paper banknotes, Threadneedle Street encourages you to spend them. If you’re not feeling like it, given we’re living in a cost of living crisis with inflation on the rise, feel free to deposit them at the bank or at the post office.