Only 100 days left to spend billions of £20 and £50 notes Business News

Consumers have just 100 days to spend £16billion worth of old-fashioned paper banknotes before they are no longer legal tender.

Millions of £20 and £50 notes printed on paper remain in circulation, but from October 1 only the new polymer versions can be used.

Anyone with the old currency must spend it by September 30, the Bank of England said, or deposit the notes at a bank or post office.

The £20 paper note features economist Adam Smith while the £50 note features portraits of entrepreneur Matthew Boulton and engineer James Watt.

Estimates suggest that more than 300 million £20 paper notes and 160 million £50 paper notes are still in circulation.

Plastic £50 notes with a picture of famous Bletchley Park code breaker and scientist Alan Turing were first issued a year ago, after they were introduced for denominations of £5, £10 and £20 £.

Bank of England chief cashier Sarah John said: ‘The change in our banknotes from paper to polymer over the last few years has been a significant development as it makes them more difficult to counterfeit and means that they are more durable.

“The majority of paper banknotes have now been removed from circulation, but a significant number remain in the economy, so we ask that you check to see if you have any at home.

“For the next 100 days, these can still be used or deposited to your bank in the usual way.”