Bank of England outlines plans for new £50 note
The Bank of England (BoE) has confirmed that it intends to issue a new £50 note.
The new £50 note will imitate the existing £5 and £10 notes, alongside the upcoming new £20 note, and be made from polymer, as opposed to paper.
Speculation in regard to the future of the £50 note had been rife, with many previously expecting the BoE to scrap it altogether. In March, the Treasury reported that £50 notes are ‘rarely used’ to make purchases, and are often affiliated with crime, including money laundering and tax evasion. However, following a public consultation, the government recently confirmed that the current mix of notes and coins will remain.
Using polymer ensures that the new notes are ‘cleaner, safer and stronger’, the Bank stated. Polymer notes are ‘harder to counterfeit’, and reportedly last around 2.5 times longer than paper notes.
The BoE plans to introduce the new polymer £20 note in 2020. It predicts that the new £50 note will be introduced shortly after this time.
Commenting on the new note, Robert Jenrick, Exchequer Secretary to the Treasury, said: ‘Our coins and notes are respected and recognised the world over, and are a key part of the UK’s heritage and identity.
‘Our money needs to be secure and this new note will help prevent crime. This modern £50 note follows the popular new pound coin, which is the most secure of its kind in the world.’