The Treasury has confirmed that the £50 note will remain a part of UK currency despite concerns over its use in fraud and money laundering.
The Bank of England said that it will make a new modern polymer note that will be more secure note and help clamp down on crime.
Following a public consultation, the government has confirmed that the current mix of coins and notes will remain.
The move will give people more flexibility over how they spend and manage their money, while making it harder for criminals to counterfeit the note for illegal activity.
Originally introduced in 1981, there are currently 330 million £50 notes in circulation,with a combined value of £16.5 billion ,with Bank of England evidence showing that demand for the note is continuing to rise.
The Bank of England’s Chief Cashier, Sarah John, said:
I’m very excited to be starting the process of introducing a new £50 note. At the Bank, we are committed to providing the public with high quality notes they can use with confidence. Moving the £50 note onto polymer is an important next step to ensure that we can continue to do that.
