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UK Given 100 Days to Spend Last £14.5 Billion of Paper Banknotes

  • Bank of England says paper £20 and £50 notes will be withdrawn
  • UK central bank has issued more durable currency on polymer
Bank of England Chief Cashier Sarah John Spends First 50-Pound Banknote
Photographer: Hollie Adams/Bloomberg

The Bank of England said people holding £14.5 billion in old paper banknotes have just 100 days to spend or deposit the money before it becomes worthless. 

The UK central bank said about 477 million of Britain’s last remaining banknotes printed on paper remain in the hands of the public but will cease to be legal tender after Sept. 30.