{"id":3220,"date":"2018-10-13T13:02:09","date_gmt":"2018-10-13T13:02:09","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/the-50-note-is-changing-and-heres-why\/"},"modified":"2018-10-13T13:02:09","modified_gmt":"2018-10-13T13:02:09","slug":"the-50-note-is-changing-and-heres-why","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/the-50-note-is-changing-and-heres-why\/","title":{"rendered":"The \u00a350 note is changing and here’s why"},"content":{"rendered":"\n
\n
<\/p>\n

\"\u00a350Image copyright<\/span>
\n Getty Images<\/span><\/p>\n

<\/span><\/p>\n<\/figure>\n

The \u00a350 note will not be scrapped and will instead get a plastic redesign, the Bank of England has said.<\/p>\n

Fears that the largest denomination was widely used by criminals and rarely for ordinary purchases had prompted a proposal to abolish it.<\/p>\n

But ministers said the new version, to be printed in the UK, would be more durable, secure and harder to forge.<\/p>\n

Polymer \u00a35 and \u00a310 notes are already in circulation, while a \u00a320 design will be issued in 2020.<\/p>\n

There are currently 330 million \u00a350 notes in circulation, with a combined value of \u00a316.5bn, the bank said.<\/p>\n

‘Currency of corrupt elites’<\/h2>\n

In March, a review by the Treasury said that they were “rarely used” for routine transactions.<\/p>\n

“There is also a perception among some that \u00a350 notes are used for money laundering, hidden economy activity, and tax evasion,” The Treasury said.<\/p>\n

Peter Sands, former chief executive of Standard Chartered bank, has also said<\/a> high value notes are the “currency of corrupt elites, of crime of all sorts and of tax evasion”.<\/p>\n

But Robert Jenrick, exchequer secretary to the Treasury, said: “People should have as much choice as possible when it comes to their money and we’re making sure that cash is here to stay.<\/p>\n

“Our money needs to be secure and this new note will help prevent crime.” <\/p>\n

Some vegans, Hindus and Sikhs have voiced concerns about the move to polymer bank notes, however, after they were found to contain traces of animal fats<\/a>.<\/p>\n

Who will be on the new \u00a350 note?<\/h2>\n

The decision will also raise questions over which famous Briton will feature on the reverse of the note.<\/p>\n

Steam engine pioneers James Watt and Matthew Boulton appear on the current \u00a350, issued in 2011.<\/p>\n

Jane Austen was chosen to appear on the plastic \u00a310 note after a campaign to represent women other than the Queen on English notes<\/a>.<\/p>\n

The Bank of England now has a committee which asks for public nominations in a chosen field.<\/p>\n

In 2015, 30,000 people nominated 590 famous visual artists for the \u00a320 note, before JMW Turner was selected with the help of focus groups.<\/p>\n<\/p><\/div>\n


\n
Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty Images The \u00a350 note will not be scrapped and will instead get a plastic redesign, the Bank of England has said. Fears that the largest denomination was widely used by criminals and rarely for ordinary purchases had prompted a proposal to abolish it. But ministers said the new version, to be printed … <\/p>\n","protected":false},"author":0,"featured_media":3221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3220"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3221"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}