The Bank of England have confirmed that they will be keeping the £50 note as part of the British currency and they will be reissuing it as a ‘new modern polymer note’.
There are currently 330 million £50 notes in circulation, none of which are in my possession. It was first introduced in 1981 and the Bank of England was able to show that demand for the note was continuing to increase.
The Exchequer Secretary to the Treasury, Robert Jenrick, said: “Our coins and notes are respected and recognised the world over and are a key part of the UK’s heritage and identity. People should have as much choice as possible when it comes to their money and we’re making sure that cash is here to stay.
“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.”
The Bank of England’s Chief Cashier, Sarah John, said: “I’m very excited to be starting the process of introducing a new £50 note. At the Bank, we are committed to providing the public with high-quality notes they can use with confidence. Moving the £50 note onto polymer is an important next step to ensure that we can continue to do that.”
Arsenal have often been referred to as the ‘Bank of England Club’.
It was a nickname that first came to prominence during the 1930s thanks to the strong financial banking the club enjoyed before re-emerging more recently when the club were the last Premier League top four side to be owned, primarily, by English investors.
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