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Paper £20 & £50 bank notes will not be accepted in UK from today

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Alan Turing £50 bank note. Photo: PA Media.

Alan Turing £50 bank note. Photo: PA Media.

Alan Turing £50 bank note. Photo: PA Media.

Paper bank notes worth £20 and £50 will no longer be accepted across the UK from today.

The paper notes are being phased out by the Bank of England and being replaced by the polymer notes already in circulation since 2016.

It’s believed the polymer notes are more durable and harder to counterfeit.

The £5 paper banknote had been phased out in recent years as the Bank of England moved towards a wholly polymer circulation.

The move will affect Northern Ireland, where Ulster Bank, AIB Group, Bank of Ireland and Danske Bank all have issued notes in circulation.

For those who find themselves stuck with paper notes from today onwards, they are not left holding dead money as they can trade in their older readies for the waxy replacement.

Banks will still be allowing customers to deposit paper notes into their bank account and the Bank of England HQ in London will take paper notes in exchange for polymer tender.

It’s believed there are more than 314 million paper £20 notes alone in circulation in the UK.

On Friday, the first images of money with King Charles’ portrait were revealed as 50p coins bearing his resemblance will enter circulation within weeks.

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