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Economics

Bank of England Says Paper Banknotes Only Good for One More Week

  • UK central bank is issuing polymer notes to replace paper ones
  • At least £11 billion of old notes remain in circulation
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WATCH: Do you have an old £20 or £50 paper banknote in your wallet? You won’t be able to use it from the end of September. Lizzy Burden reports.Source: Quicktake by Bloomberg

British consumers have just one week left to spend the last £11 billion ($12.4 billion) of paper banknotes that remain in circulation before the cash ceases to become legal tender.

As of Sept. 30, almost £6 billion of old £50 notes and more than £5 billion of the £20 ones will no longer be accepted by UK businesses, the Bank of England said Friday. That’s a total of more than 360 million notes.