Bank of England Annual Report – Banknotes Increase, Counterfeits Fall

The week before the issue of the new £50, the Bank of England published its annual report for 2020/21, which showed an increase in notes in circulation of £10.3 billion (14%). It credited this increase to the launch of the new polymer £20 note in February 2020 and the pandemic. These figures are quite a contrast to the Reserve Bank of India’s annual report, also issued recently, which saw a 7.2% increase.