§ Lord Marlesfordasked Her Majesty's Government:
How many £50, £20, £10 and £5 notes, respectively, are currently in circulation, to what face value the £50 note would have to be adjusted to have the same purchasing power as when it was first introduced; whether they will make such an adjustment, and if not, why not. [HL3228]
§ Lord McIntosh of HaringeyThe number of each denomination of banknote in circulation as at the end of February 1998 was:
£ 5 206,911,326 10 595,982,214 20 531,028,262 50 (Series E) 72,717,662 The £50 note was introduced in March 1981 and would have to be adjusted to £190 to have the equivalent purchasing power.
* But see Written Answer, Official Report, 21/10/98, col WA 178.
The Bank of England has no plans to issue notes of alternative denominations to those currently in circulation.