HC Deb 10 April 1962 vol 657 c1114
13. Mr. Fernyhough

asked the Chancellor of the Exchequer if he will take steps to give wider publicity to the fact that the old type of pound note will not be legal tender after May.

Mr. Barber

Responsibility for this matter lies with the Bank of England. I know, however, that it would be glad if holders of these notes would exchange them through their own banks as soon as possible.

Mr. Fernyhough

Will these notes be acceptable by the banks after the date specified? Does not the hon. Member appreciate that there may be some old people who are very unlikely to trust either the banks or the Government? Would it not be a hardship—assuming that the banks will not accept these notes after May—if these people, whose sums may not be very big, lost whatever savings they had because of this?

Mr. Barber

The Bank of England took pains to try to ensure the maximum publicity in this matter. Indeed, its Press release was taken up by most of the national newspapers and by the B.B.C. These notes will remain legal tender up to the 28th May. After then, although they will no longer be legal tender, they will be exchangeable at the head office of the Bank of England.