New polymer £50 note to be launched - MSE News

Once withdrew £100 from a cashpoint in the City and got 2 x £50 pound notes so I guess there is a need for some

I, on the other hand, had to go into the branch to change it into useful money

LobsterMemory wrote: »

Once withdrew £100 from a cashpoint in the City and got 2 x £50 pound notes so I guess there is a need for some

That's for the City scum bankers to a) wave at homeless people b) pay their coke suppliers with:D

I have had exactly one £50 note this century- it was payment for an afternoon at a focus group. I spent it that evening paying a restaurant bill.

A friend of mine was temporarily renting out their house and the tenants regularly paid in £50 notes. Said tenants later skipped out leaving behind a lot of fake DVDs, gym equipment and a box of shotgun shells - so not quite sure if those notes were earned in regular employment :eek:

what the point of £notes anyway ?
just use all my credit cards
for spending, to earn points, extra cash or 52's days to pay
don't spend your money

Robisere wrote: »

I cannot see the point of a £50 note. I have never used one for many years and have no expectation of ever using one. If I was offered one in any transaction, I would refuse and ask for £10 + 2x £20 notes. Which may never happen anyway, because the greatest part of transactions I make now are cashless. I have had £30 in my wallet for about 6 weeks now, although I do keep a little change for parking and the very few shops that still use cash, and the local markets.

Having said that, two of the local market stalls have gone cashless, using a WiFi gadget: 3 of the last 5 "cash only" shops in my lovely old market town have gone contactless. I expect the £30 to go from my wallet when my gson gets around to doing some work he promised to carry out when he can. I think it is inevitable that cash will slowly become a thing of the past. So what is the point of a £50 note? That is a genuine question: I am honestly puzzled.

Greatest parts of transactions are not cashless per se. It still makes up about 50%. The other 50% are a mix of every other payment method. And don't forget the undeclared cash in the market and economy which means it's even higher... Which means it definitely will note become a thing of the past.

If anything, all of these digital methods will, people more and more technology is posing security risks to digital transactions. Several of the banks have had fraud committed and technology only works for a long as the switch is turned on...

If someone offers you legal tender and you refuse, I'd go elsewhere.

Makes me laugh how people flap around a £50 note, even if you're paying for something between £40-49.99. Just shine it under a light and mark it with a pen. Any note can be counterfeit. There are considerably less £50 notes in circulation, so you're actually more likely to handle a counterfeit £5 or £10, and probably have.

Uxb1 wrote: »

Well if the UK ever does go totally cashless then the government could impose negative interest rates as a way of forcing people to spend as all money was tied up electronically.
...at that point you would understand the point of cash!

It would be difficult for them to enforce that as there are many places that you can stash money other than a bank account.