High Street Banks Asked to Accept Old £10 Notes After Deadline
- Retailers still distributing old £10 notes despite ceasing to be legal tender
- Bank of England not asking shops to stop giving out old notes
- £2bn worth of paper £10 notes in circulation
- FSB urges high street banks to accept old notes after deadline
- New £10 note harder to fake, welcomed by small businesses
- Potential upheaval similar to new £1 coin introduction avoided
Retailers are still distributing old £10 notes, despite them ceasing to be legal tender on March 1st. The Bank of England has not asked shops to stop giving them as change, which could cause issues as £2bn becomes unspendable. The Federation of Small Businesses (FSB) is urging high street banks to continue accepting old £10 notes after the deadline to save small firms and the public from having to call on the Bank of England every time they need to swap ‘paper for polymer’. FSB National Chairman Mike Cherry said, ‘A new £10 note that’s harder to fake will be largely welcomed by the small business community. Too often, it’s small firms that bear the brunt of counterfeiting.’ He added, ‘There are more than £2bn worth of paper £10 notes still in circulation. Clearly, they won’t all be spent by Thursday. Small firms are working hard to prepare for Thursday’s change but will need support as the switchover takes effect. The more shoppers and business owners feel they can rely on banks to accept paper notes after Thursday, the quicker we’ll have them out of circulation.’
Factuality Level: 8
Factuality Justification: The article provides accurate information about the ongoing issue with old £10 notes still in circulation and quotes from relevant sources such as the British Retail Consortium and Federation of Small Businesses. It also discusses potential consequences and solutions to the problem.
Noise Level: 3
Noise Justification: The article provides relevant information about the ongoing issue of old £10 notes still in circulation and the concerns of small businesses. However, it lacks in-depth analysis or exploration of long-term consequences and solutions.
Financial Relevance: Yes
Financial Markets Impacted: Small businesses and retailers
Financial Rating Justification: The article discusses the impact of the transition from paper £10 notes to polymer ones on small businesses and retailers, which can affect their operations and potentially lead to financial losses due to counterfeiting.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text, only a financial issue related to the transition from paper to polymer £10 notes.
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