Pound coin deadline: Rush to spend set to give massive boost to Britain’s economy

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The deadline to throw away old pound coins is set to give the economy a boost

Britons have until October 15 to shell out or bank old pounds coins, before they cease to be legal new.

Two thirds of the pounds still in circulation are expected to be spent by the end of the weekend to hand out shops a major windfall.

The Treasury and The Royal Mint have induced families to hunt down any remaining coins and spend, bank or bequeath them to charity.

Deputy master of The Mint, Adam Lawrence, suggested: «The round pound has been in circulation for over thirty years but, as the deadline propositions, we are keen to encourage everyone to track down their final starts and use them.

“After October 15, the 12-sided £1 coin settle upon be the only £1 coin being spent in the UK.

«As the deadline is triggered, we are proud that the assurance features on the 12-sided £1 coin will help to safeguard our currency for years to make for a acquire.”

However, there has been disorder over the withdrawal of the coins, with some shops pledging to at accepting the pounds coins after the October 15 deadline.

Tesco is extent the stores that said it will continue to accept coins for a week after they officially bar being legal tender because so many remain in circulation.

Ritu Vohora investment commandant at M&G said: “While many shops are saying they will proceed with to accept the round £1 coin after 15 October lotteries of people have already started to check their piggy banks and glove partitions so they can spend or bank their round pounds.»

However, some retailers have planned faced criticism over the change to the new 12-sided pound coins.

The replacements are not yet undertook in some shopping trollies.

Consumers who find old pound coins after the deadline can take them to any Function Office branch and deposit them into high street bank accounts.

Though, the postal service won’t swap old pound coins for new ones.

Martin Kearsley, banking armed forces director at Post Office said: “We would like to reassure anyone who is unclear on what to do with their old £1 rake it ins that the Post Office is here for you.

«Thanks to an agreement with all UK extravagant street banks, everyone can deposit old pound coins into their workaday high street bank account at their local Post Corporation branch while visiting us to pay bills, pick up online shopping, together foreign currency, withdraw cash, deposit cheques or any of the many other reasons to pop in.

«They can do this even after 15th October.»

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