You are here: Home - Household Bills - News -

£50 note to stay despite calls to abolish it

Written by:
The £50 note will continue to be issued and will be printed on polymer “to make it more secure”, the Treasury has confirmed.

Despite calls to abolish it because of counterfeit concerns, it will remain in circulation after Bank of England evidence found demand for the note was rising.

Introduced in 1981, there are currently 330 million £50 notes in circulation – with a combined value of £16.5bn.

The Exchequer Secretary to the Treasury, Robert Jenrick, said: “Our coins and notes are respected and recognised the world over and are a key part of the UK’s heritage and identity. People should have as much choice as possible when it comes to their money and we’re making sure that cash is here to stay.”

The Bank of England has confirmed it will start printing £50 notes on the new plastic material after the polymer £20 note enters circulation in 2020.

The Bank will seek nominations from the public for potential characters to appear on the new note.

Sarah John, the Bank of England’s chief cashier, said: “I’m very excited to be starting the process of introducing a new £50 note. At the Bank, we are committed to providing the public with high quality notes they can use with confidence. Moving the £50 note onto polymer is an important next step to ensure we can continue to do that.”

According to the Bank, polymer notes are cleaner, safer and stronger. They are harder to counterfeit and because they last around 2.5 times longer than paper notes, they are also more environmentally friendly.

The £5 and £10 notes are already printed on polymer.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week