Urgent warning as Brits only have 100 days left to spend £20 and £50 notes

Brits are being urged by the Bank of England to either spend or deposit their remaining £20 and £50 notes as they have just days left until they go out of circulation.

It is thought that there are around 163 million paper £50 banknotes currently in circulation, as well as 314 million £20 paper notes, according to the Bank. These remaining notes should be spent by the end of September, giving Brits just 100 days.

As reported by the BBC, the Bank of England’s chief cashier Sarah John said: “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.”

READ MORE: Martin Lewis warns people to urgently check broadband price as you could save £100s a year – but you need to be quick

The paper notes will be replaced with plastic version, as has happened previously with £5 and £10 notes. From October, it will still be possible to deposit the notes into your bank account, though it will not be possible to spend them.

One of the most notable aspects of the new £50 note is the fact that it will feature Alan Turing, an English mathematician, logician and cryptographer during the 20th century. He was was responsible for breaking the Nazi Enigma code during the Second World War.

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