It’s possible that £14 billion in cash will become useless very soon.
Beginning in October, the paper banknotes for £20 and £50 issued by the Bank of England will no longer be considered valid tender for financial transactions.
Have you got an old twenty pound note or a fifty pound note in your wallet?
If it is printed on paper, you should probably spend it or deposit it as quickly as possible. The note will no longer be accepted as legal money as of the 30th of September.
The Bank of England has established that date as the cutoff date for the use of the old notes; after that day, the old paper versions will be replaced by new polymer notes portraying the mathematician Alan Turing and the artist J.M.W. Turner.
1.2 million people in the UK still rely on cash to make daily payments, which results in the existence of approximately £14 billion worth of paper £20 and £50 notes that are still in circulation.
According to Sarah John, who is the Chief Cashier at the Bank of England, the simplest course of action is to either spend them now or deposit them into a bank account.
She claims that after the deadline, the majority of UK banks will continue to take the old paper notes, and in the event that they do not, it is always feasible to conduct a postal exchange with the Bank of England.