Covid-19 likely to affect return of paper £20 banknote – BoE
Central bank reports consumers are likely to hold onto old banknotes until they cease to be legal tender
The Covid-19 pandemic may affect the rate at which consumers return old paper banknotes, the Bank of England says.
Earlier this year, the BoE released a new polymer £20 ($25.94) banknote in circulation. The old paper version remains legal tender, and so far only 686 million of the total 1.84 billion have been returned.
In response to an information request, the BoE says Covid-19 has affected consumer spending. It says this is likely to change the rate at which old paper notes are “spent
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