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£5 Notes

Volume 455: debated on Wednesday 10 January 2007

To ask the Chancellor of the Exchequer how many £5 notes there are in circulation; how many were taken out of circulation in each of the last five years; and how many new notes were produced in each year. (113599)

The Bank of England's data are reproduced in the following table.

For completeness, the table also includes figures for new £5 notes issued in each year. There is no direct relationship between the value of notes produced by the Bank in any year and the number of notes put into circulation. The Bank's policy is to meet retail banks' demand for new notes. This demand determines the value of notes issued (ie new notes put into circulation by the retail banks) each year. In addition to producing notes to meet demand, the Bank may also vary production to alter the level of its contingency stocks.

All data are value of notes in £ millions

Year ending February

£5s in circulation

£5s produced

New £5s issued

£5s destroyed

2002

1,044

543

1,258

1,118

2003

1,051

1,510

1,083

877

2004

1,025

897

1,545

585

2005

1,055

970

534

768

2006

1,052

550

314

485

The figures for the years ending February 2003 and February 2004 include changes due to the replacement of the old £5 note with a new design and are not therefore directly comparable with data for the other years.