Ministers save £50 note after concerns they were used for ‘money laundering and tax evasion’

THE £50 note has been saved after Ministers ditched plans to scrap it, The Sun can reveal.

No new “reddies” have been issued since 2011 and Whitehall bean counters wanted to phase them out – but now a new polymer note is to be unveiled.

Concerns they were only used by criminals and currency investors sparked calls for the to 330million in circulation to be withdrawn.

In March the Treasury said “the £50 note is believed to be rarely used for routine purchases and is instead held as a store of value.”

And they added: “There is also a perception among some that £50 notes are used for money laundering, hidden economy activity, and tax evasion.”

But following a three month listening exercise, Treasury Minister Robert Jenrick has stepped into save the note and demand the Bank of England make the new ones in the UK.

And the top Tory says it will have cutting edge security measures to deter criminal use.

A competition will be held to design the note, reopening the hotly debated subject of which famous Brits to feature.

Current £50 notes feature Matthew Boulton and James Watt, pioneers of the industrial revolution.

But the Bank of England were slammed for failing to feature more women when redesigning £5, £10 and £20 notes.

Mr Jenrick told The Sun: “Our coins and notes are respected and recognised the world over and are a key part of the UK’s heritage and identity.

He added: “People should have as much choice as possible when it comes to their money and we’re making sure that cash is here to stay.

And the Bank of England said: “We are committed to providing the public with high quality notes they can use with confidence. Moving the £50 note onto polymer is an important next step to ensure that we can continue to do that.”

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