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Bank of England is destroying an R800 billion mountain of cash

24 February 2020 9:38 AM
Tags:
United Kingdom
Bank of England
UK
compost
Gavin Grey
Africa Melane
£20
polymer
"It is quite a terrific thing! Two billion paper notes!" says UK correspondent Gavin Grey.

The Bank of England is destroying R800 billion worth of £20 notes.

It is replacing the paper notes with new ones made from a polymer.

The old notes are being recycled and used as compost.

It’s the largest cash replacement in UK history.

The Bank of England used to, until 1990, burn old notes in a furnace to heat its building in London.

Africa Melane interviewed UK correspondent Gavin Grey.

They are going to compost them! Gardeners could end up spreading out millions of pounds on their gardens… It is quite a terrific thing… Two billion paper notes!

Gavin Grey, UK correspondent

The new note is a rather smart effort featuring the well-known artist JMW Turner.

Gavin Grey, UK correspondent

Listen to the interview in the audio below [skip to 8:07].

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24 February 2020 9:38 AM
Tags:
United Kingdom
Bank of England
UK
compost
Gavin Grey
Africa Melane
£20
polymer

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