Here’s how long you have to spend your paper £5 notes

The old Bank of England paper �5 notes will cease to be legal tender in May.

The old Bank of England paper �5 notes will cease to be legal tender in May.

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Time is running out for people looking to spend their paper Bank of England £5 notes.

The paper notes will cease to be legal tender on May 5, 2017.

There are currently 165 million paper £5 notes still to be withdrawn.

This comes after the Bank of England released new £5 notes which are made from polymer - a thin, flexible plastic - in September 2016.

The new note is approximately 15 per cent smaller than the current paper version.

Former British Prime Minister, Winston Churchill, is commemorated on the new note.

The Bank of England has printed 440 million of the new £5 notes with a value of £2.2 billion.