New £50 note will ensure cash is fit for the future

Modern money will help prevent crime, the Exchequer Secretary declared yesterday (13 October 2018), as plans were unveiled for a new, more secure £50 note.

Following a public consultation, the government has confirmed that the current mix of coins and notes will remain. The move will give people more flexibility over how they spend and manage their money, while making it harder for criminals to counterfeit the note for illegal activity.

Originally introduced in 1981, there are currently 330 million £50 notes in circulation – with a combined value of £16.5 billion – with Bank of England evidence showing that demand for the note is continuing to rise.

The Bank of England is also confirming today that a new £50 polymer note will be printed in the UK to accompany the existing £5, £10 and upcoming £20 notes. This will ensure the UK’s currency continues to be one of the securest in the world as these modern notes are more durable and harder to forge.