King Charles III Banknotes
Released in June 2024, the new £5, £10, £20, and £50 banknotes feature King Charles III’s portrait in a secure transparent window. Queen Elizabeth II notes will remain legal tender, allowing a smooth transition.
Withdrawal of Paper Notes
Since September 30, 2022, paper £20 and £50 notes have been replaced by polymer versions in England, Scotland, and Northern Ireland. Cashmaster devices were updated to disable paper notes by default.
Scottish £100 Note
Released in May 2022, this note features Dr. Flora Murray, Sir Walter Scott, and The Mound in Edinburgh, with advanced anti-counterfeit features.
£50 Polymer Note
The Bank of England’s £50 note, launched in 2021, honors Alan Turing and includes enhanced security features.
Enhanced Lifespan
Polymer notes last at least 2.5 times longer than paper notes.
Fewer Replacements
Fewer than 3% of polymer £5 notes were replaced in 2019, compared to 60% of paper £5 notes in 2015.
Wear and Tear
Polymer notes can survive scrunching and washing machine cycles.
Improved Durability
Polymer notes resist dirt, moisture, and general damage better than paper notes.
Eco-Friendly
Polymer notes’ durability reduces production needs, and they are recyclable at the end of their lifespan.
Cash Usage Dominates
Cash remains the most frequently used payment method, accounting for 28% of all payments made by individuals.
Reliance on Cash
Approximately 8 million people in the UK still rely heavily on cash for daily transactions.
Access to Cash
88% of the UK population is within 1 mile of free access to cash.
Local Economies
77% of transactions by small and medium-sized enterprises (SMEs) are conducted in cash.
Main Payment Method
Over 50% of small businesses rely on cash as their primary payment method.
Popular Choice
Cash remains the second most popular payment method, just behind debit cards.
Financial Dependence
Around 3.1 million people in the UK rely on cash for their financial needs.
Government Pledge
The UK government is committed to ensuring that the public's cash needs are met.
Inclusive Participation
Cash enables over 1.7 million unbanked UK residents to participate in the economy.
Vulnerable Groups
Cash is invaluable for the elderly and vulnerable, helping them manage finances effectively.
Increased Cash Usage
Cash usage rose for the second consecutive year, making up 19.9% of transactions in 2023, up from 18.8% in 2022.
Daily Withdrawals
UK consumers withdraw £209 million daily from cash machines, despite a 33% drop since 2019.
Popular Amounts
The most common amount of cash carried is between £10 and £20.
Withdrawal Volume
In 2023, there were 1,279 million cash withdrawals, 3% fewer than in 2022.
Total Value Withdrawn
The total value of cash withdrawn in 2023 was £114 billion, marking a 1% increase.
