Deadline for spending old £5 notes

  The Bank of England has warned British households that they need to spend or exchange old style £5 notes before they become worthless after May 5th. The Bank of England estimates that the number of old notes in circulation has already halved, but that still means there are 165million of the notes still out there. High street banks are not obliged to exchange them after the May deadline, but the Bank of England has a legal obligation to do so.