The BoE has said anyone who has the old £20 and £50 notes has until September 2022 to spend them. After that they’ll not be legal tender.
There are around 9bn GBP in circulation. Being replaced by a new polymer note. This might be a cunning plan from the BoE to boost household spending.
Note to the future …. If you are reading this post after September 2022 you can apparently still deposit old notes into a UK bank account. And the BoE says it’ll continue to exchange withdrawn notes.
The new 50 pound note features absolute legend Alan Turing: