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Banknotes

Volume 593: debated on Thursday 3 September 1998

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asked Her Majesty's Government:How many £50, £20, £10 and £5 notes, respectively, are currently in circulation, to what face value the £50 note would have to be adjusted to have the same purchasing power as when it was first introduced; whether they will make such an adjustment, and if not, why not. [HL3228]

The number of each denomination of banknote in circulation as at the end of February 1998 was:

£
5206,911,326
10595,982,214
20531,028,262
50 (Series E)72,717,662
The £50 note was introduced in March 1981 and would have to be adjusted to £190 to have the equivalent purchasing power.

* But see Written Answer, Official Report, 21/10/98, col WA 178.

The Bank of England has no plans to issue notes of alternative denominations to those currently in circulation.