New £5 note announced

The Bank of England has announced that a new polymer £5 note will be issued on 13 September 2016 (it is already in production) and has released details of the design and security features of the new note.

A dedicated Bank of England website has been set up to provide further detail: http://www.thenewfiver.co.uk/

In May 2017 the existing paper £5 notes will cease to be legal tender and will no longer be accepted by retailers and banks.

In addition to the new £5 note, it has been announced that the £10 and £20 notes are also to be replaced by polymer designs over the coming years. The £10 note entering circulation in the summer of 2017 will feature Jane Austen and the £20 note entering circulation by 2020 will feature JMW Turner. There are no plans to change the current £50 note.

A leaflet setting out how businesses might prepare for the introduction of the new note is available on the ‘new fiver’ website and can be found here: 'Polymer banknotes - Getting your business ready'.