The Bank of England has launched main points of timings for the withdrawal of the previous paper £20 and £50 notes.
The have an effect on Covid-19 at the £20 paper and polymer transition manner there’s a better quantity of paper £20s circulating than first of all anticipated at the moment.
The slower transition has introduced demanding situations in deciding an acceptable time to withdraw the paper £20, but it surely has now been determined that Withdrawal of Legal Tender Status (WoLTS) of the paper £20 is not going to now happen in 2021 as in the beginning anticipated.
Remaining in line with different withdrawals the WoLTS date will keep away from the Christmas length, that means that the earliest imaginable withdrawal of the paper £20 will probably be Spring 2022. The Bank of England will give no less than six months’ understand of the withdrawal date.
The later withdrawal of the £20 be aware raises the chance that the £20 and £50 paper withdrawals might be blended. However, this would want additional attention.