Lord Taylor of Warwick – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-02-09.

To ask Her Majesty’s Government what assessment they have made of the case for £50 notes no longer being issued by central banks in order to help tackle crime.

Lord O’Neill of Gatley

The Government is fully committed to fighting all forms of financial crime, including money laundering and terrorist financing. In 2010, UK banks voluntarily withdrew the €500 note from sale in this country on the basis of analysis from our law enforcement agencies regarding its use by criminal groups. Such high denomination notes are attractive to criminals due to their high-value to low-volume ratio.

By contrast, the highest denomination note issued by the Bank of England is the £50 note whose value is far less than that of truly high denomination notes. Furthermore, the £50 note plays an important role as a reliable store-of-value and enables financial inclusion.