3 ms·
a) be thankful that banknotes are not being withdrawn altogether, but... b) mention of the 50 suspicious by its absence.
by vegabook 10y ago
a) be thankful that banknotes are not being withdrawn altogether, but...
b) mention of the 50 suspicious by its absence.
- Symbiote 10y agoThe £50 has only relatively recently been reissued, and presumably lasts a long time in circulation. There's an FAQ on the bank site, buried in a PDF, saying it will be considered later.
- vegabook 10y ago...more likely it is being considered for withdrawal from circulation altogether for all the usual war-on-cash reasons. Indeed, in large amounts, 500 euro notes are already selling for 515 euros for reasons of moving money outside of the banking system (demand very high in China), so as to avoid that system's prying eyes, and also for reasons of negative interest rates becoming the norm. The GBP 50 has the same bad reputation in bien pensant policy circles. Anonymous, large-denomination notes have this amazing attribute that they are not easily controllable by politicians and central banks, the latter in their quest for negative rates particularly stymied by them. By contrast wealth in your bank account, or the dematerialized stocks and bonds that you might own, can be switched off completely with a few SQL queries, on demand.
- Symbiote 10y ago€500 is worth £390, not really comparable. £50 is worth less than $100, so I doubt it's of much interest to international criminals. With inflation, it's useful in Britain, though difficult to get as only a couple of cash points in Canary Wharf dispense it.
- corin_ 10y agoI would hazard a guess that 50s are used so little that they're not anticipating needing a new batch of them soon enough to include in this round.
- pjc50 10y agoThe £50 is not common in circulation, not given out by ATMs, and unpopular with retailers.