Bank confirms plans for new £50 note

Following HM Treasury’s announcement today, the Bank can confirm that it plans to issue a new £50 note.
Published on 13 October 2018

News release

This will be the final note in the latest series, all of which will be printed on polymer.

The Bank will announce a character selection process for the new £50 note in due course, which will seek nominations from the public for potential characters to appear on the new note. Having successfully moved to polymer with the £5 and £10 note, the Turner £20 note will be issued on polymer in 2020 and the new £50 note will follow this.

Sarah John, the Bank’s Chief Cashier, 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’.

Polymer notes are cleaner, safer and stronger. They are harder to counterfeit and increase the quality of notes in circulation. And, because they last around 2.5 times longer than paper notes, they are also more environmentally friendly.

Notes to editors

1. See Bank of England banknotes

2. See Choosing banknote characters

3. Following discussion with suppliers, we have not identified any changes to the availability or cost of alternative polymer substrates which would alter the conclusion reached in August 2017. The Bank therefore currently anticipates that the composition of the polymer substrate for £50 will be the same as for the £20. Consistent with the Bank’s obligations under the Equality Act 2010, particularly the Public Sector Equality Duty, the Bank will however engage with those organisations which were involved in its outreach programme in 2017 before it makes a final decision. Members of the public may also express any views by sending them to enquiries@bankofengland.co.uk

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