On 30 March, the Bank of England issued its six-month reminder to consumers and businesses about the withdrawal of legal tender status (or WOLTS) of the paper £20 and the paper £50 banknotes on 30 September 2022.
The paper notes have been gradually replaced with polymer ones over a number of years, and this WOLTS date marks the end point of that transition.
There are an estimated £7 billion worth of paper £20 and £10.5 billion worth of paper £50 notes still in circulation. People are encouraged to go out and spend them, or deposit them at a bank or at a Post Office. Once the 30 September 2022 deadline has passed, people will no longer be able to spend paper notes in shops or use them to pay businesses.