For all you Arthur Daleys out there

The Bank of England is giving you 100 days to use all your old paper Nifty Fifty £50 and £20 notes stashed away. Not that they will probably buy you a coffee at this rate of inflation by next year.

After the 30th of September 2022 paper £20 and £50 banknotes will no longer be legal tender and the Bank of England is encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 100 days.

While the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £6 billion worth of paper £20 featuring the economist Adam Smith, and over £8 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation. That’s more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.

The Bank of England’s Chief Cashier Sarah John said: “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.

“The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home. For the next 100 days, these can still be used or deposited at your bank in the normal way.”