Banknote warning as millions of £20 and £50 notes will become void | Personal finance | Finance

Some paper £20 and £50 notes are being phased out as new polymer notes have been rolled out. The Bank of England first issued the new polymer £20 in February 2020 while the new £50 was issued in June 2021.

People only have 85 days to use old tickets before they can no longer be used to pay for items.

Bank bosses estimate there are more than £6billion worth of £20 notes still in circulation.

A further £8billion of old £50 notes are also thought to be still in use.

People can exchange the notes at a bank and the Bank of England will exchange old notes after the end of September.

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Sarah John, Chief Cashier at the Bank of England, said: “The switch of our banknotes from paper to polymer over the past few years has been an important development, as it makes them more difficult to counterfeit and means that they are more durable.

“The majority of paper banknotes have now been withdrawn from circulation, but a significant number remain in the economy, so we ask that you check to see if you have any at home.

“For the next 100 days, these can still be used or deposited to your bank in the usual way.”

The new £20 note features painter JMW Turner while the £50 note features mathematician Alan Turing.

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Bosses at the Bank of England recently raised the base interest rate again, from 1% to 1.25%, in a bid to fight inflation.

Inflation rates hit a 40-year high of 9%, with warnings from the central bank that they could reach 11% by the end of the year.

Fuel costs are currently the main contributor to inflation rates, with prices hitting record highs in February.

The Bank of England said: “We will take the necessary steps to bring inflation down to 2%. This is the objective that the government has set for us.

“The precise path of interest rates depends on what is happening in the economy and what we think will happen to the rate of inflation over the next few years.

“So we can’t say exactly how far they will go. But they are unlikely to reach the very high levels that some people have experienced in the past.

Savers will thus benefit from a slight increase in interest on their savings, with many banks and building societies increasing their rates since the announcement.

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