Britons have just six days left to spend £11 billion ($12.4 billion) of paper banknotes before they cease to be legal tender.

The Bank of England (BOE) announced Friday that as of September 30, about £6 billion in old £50 notes and more than £5 billion in old £20 notes will no longer be recognised by UK businesses. There are more than 360 million notes in all that will be taken out of circulation.

Watch |&nbsp;UK PM Liz Truss plans to cut down stamp duty in mini-budget, focus on reviving British economy

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People have only a small window to make use of their cash. The paper notes will be replaced by polymer £20 and £50 notes which have&nbsp;been in circulation for more than two years (since February 2020).

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There's 1 week left to use your paper £20 and £50 banknotes. All polymer notes carrying a portrait of Her Majesty Queen Elizabeth II can continue to be used as normal after 30 September. <a href="https://t.co/0wA5voBkiJ">https://t.co/0wA5voBkiJ</a> <a href="https://t.co/4srSheSdUa">pic.twitter.com/4srSheSdUa</a>
— Bank of England (@bankofengland) <a href="https://twitter.com/bankofengland/status/1573250823030771712?ref_src=twsrc%5Etfw">September 23, 2022</a></blockquote>
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Additionally, as per Mirror UK, as of the next week, old bills featuring the face of Adam Smith, Matthew Boulton, and James Watt will no longer be accepted as legal tender.

Their replacements will have pictures of J.M.W. Turner and Alan Turing on £20 and £50 notes&nbsp;respectively.

Also read |&nbsp;<a href="https://www.wionews.com/world/banknotes-featuring-queen-elizabeths-picture-remain-legal-tender-bank-of-england-514312">Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England</a>

Bloomberg reports that the paper currency can be exchanged for new money made of a polymer by showing up in person at the BOE's Threadneedle Street offices in London, mailing them through the post, or exchanging them at specific Post Offices. They can also be deposited into accounts at several commercial banks.

The decision to transition to polymer notes was made to increase the notes' resistance to damage and fight illegal counterfeiting.

In future, the synthetic notes will also be replaced to enable the distribution of notes carrying the image of King Charles III and to gradually phase out notes bearing the image of the late Queen.

(With inputs from agencies)

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Britons have just six days left to spend £11 billion ($12.4 billion) of paper banknotes before they cease to be legal tender. The Bank of England (BOE) announced Friday that as of September 30, about £6 billion in old £50 notes and more than £5 billion in old £20 notes will no longer be recognised by UK businesses.

Britons have just six days left to spend £11 billion ($12.4 billion) of paper banknotes before they cease to be legal tender. The Bank of England (BOE) announced Friday that as of September 30, about £6 billion in old £50 notes and more than £5 billion in old £20 notes will no longer be recognised by UK businesses. There are more than 360 million notes in all that will be taken out of circulation. Watch | UK PM Liz Truss plans to cut down stamp duty in mini-budget, focus on reviving British economy People have only a small window to make use of their cash. The paper notes will be replaced by polymer £20 and £50 notes which have been in circulation for more than two years (since February 2020). There's 1 week left to use your paper £20 and £50 banknotes. All polymer notes carrying a portrait of Her Majesty Queen Elizabeth II can continue to be used as normal after 30 September. https://t.co/0wA5voBkiJ pic.twitter.com/4srSheSdUa — Bank of England (@bankofengland) September 23, 2022 × Additionally, as per Mirror UK, as of the next week, old bills featuring the face of Adam Smith, Matthew Boulton, and James Watt will no longer be accepted as legal tender. Their replacements will have pictures of J.M.W. Turner and Alan Turing on £20 and £50 notes respectively. Also read | Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England Bloomberg reports that the paper currency can be exchanged for new money made of a polymer by showing up in person at the BOE's Threadneedle Street offices in London, mailing them through the post, or exchanging them at specific Post Offices. They can also be deposited into accounts at several commercial banks. The decision to transition to polymer notes was made to increase the notes' resistance to damage and fight illegal counterfeiting. In future, the synthetic notes will also be replaced to enable the distribution of notes carrying the image of King Charles III and to gradually phase out notes bearing the image of the late Queen. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Britons have less than a week to spend old paper banknotes worth £11 billion

Professor David Solomon, the Australian inventor of the new&nbsp;&pound;5 note&nbsp;said&nbsp;British vegetarians and vegans are being &ldquo;stupid&rdquo; for protesting about the new polymer banknote containing animal fat, the Independent reported.

Vegans in Britain have expressed anger over the new fiver&nbsp;that contains a small amount of tallow, which is derived from animal waste products.&nbsp;

A petition to ban the note has attracted more than 120,000 signatures, the Independent said in its report.

Professor Solomon told the Australian radio station 2GB, &ldquo;It&rsquo;s stupid. It&rsquo;s absolutely stupid.&rdquo;

He said polymer banknotes contain&nbsp;&ldquo;trivial&rdquo; amounts of tallow, which is also found in candles and soap, yet the Bank of England is being pressurised to find an alternative.

&quot;There&#39;s trivial amounts of it in there,&quot;&nbsp;he said.

Solomon said the note also provides an added security element as it is very difficult to forge polymer notes.

&quot;It picks up less drugs than paper notes and you don&rsquo;t chop down trees,&rdquo; he said.

&ldquo;It&rsquo;s more hygienic than a paper note by a long way.&rdquo;

The Bank of England said on Wednesday it was &ldquo;aware of some people&rsquo;s concerns&rdquo; and that it would treat them with the &ldquo;utmost respect&rdquo;.

(WION)

Professor David Solomon said there is 'trivial' amount of animal fat in polymer banknotes, which is in fact cleaner and more durbale

Professor David Solomon, the Australian inventor of the new £5 note said British vegetarians and vegans are being “stupid” for protesting about the new polymer banknote containing animal fat, the Independent reported. Vegans in Britain have expressed anger over the new fiver that contains a small amount of tallow, which is derived from animal waste products. A petition to ban the note has attracted more than 120,000 signatures, the Independent said in its report. Professor Solomon told the Australian radio station 2GB, “It’s stupid. It’s absolutely stupid.” He said polymer banknotes contain “trivial” amounts of tallow, which is also found in candles and soap, yet the Bank of England is being pressurised to find an alternative. "There's trivial amounts of it in there," he said. Solomon said the note also provides an added security element as it is very difficult to forge polymer notes. "It picks up less drugs than paper notes and you don’t chop down trees,” he said. “It’s more hygienic than a paper note by a long way.” The Bank of England said on Wednesday it was “aware of some people’s concerns” and that it would treat them with the “utmost respect”. (WION)

New ?5 note: Vegetarians being 'stupid' for animal fat protest, says inventor

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