Time is running out to make use of paper £20 and £50 notes before they are taken out of circulation later this month.

People have just 22 days left to use them or exchange them until they lose legal tender status.

Both notes will no longer be accepted from Friday, September 30, with the Bank of England urging people to take them to their local bank or the Post Office if they are not going to spend them.

There is thought to be more than £6bn worth of paper £20 banknotes, featuring economist Adam Smith, and over £8bn worth of paper £50 banknotes, featuring entrepreneur Matthew Boulton and engineer James Watt, still in circulation.

That is more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.

It comes as the new polymer £50 banknote featuring Bletchley Park codebreaker and scientist Alan Turing celebrates its one-year anniversary.

Bank of England chief cashier Sarah John said: “The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home."