Steady Progress by the Bank of England

The Bank of England has issued its Annual Report for 2022. The key themes relating to banknote issuance and management were the completion of the polymer series of banknotes with the issuance of the £50 banknote, actions to safeguard access to cash and deposit services and the environmental impact of banknote operations.

In June 2021 the final denomination was issued using polymer substrate, the £50 banknote featuring Alan Turing. As of 30 September 2022, the £20 and £50 paper banknotes will no longer be legal tender.

Access to cash

With the number of cash transactions falling, despite cash held as a store of value rising, the Bank is taking action to support access to cash and cash deposits.

It is working with UK banks and cash operators who fund or participate in the wholesale cash infrastructure to agree individual plans that support industry wide commitments to the resilience, cost efficiency and sustainability of cash. Her Majesty’s Treasury will provide powers to keep the wholesale cash infrastructure sustainable and resilient.