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Friend wants to borrow £50?

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One of my friends just asked me to borrow £50 and that he'd pay it back next week (he did say in a prior conversation that he can't wait till next week because his parents are giving him money). His family is pretty rich and he always buys designer stuff, and spent over £200 on a designer bag like a week ago. I'm pretty sure he's not literally out of food and wants some of the money for entertainment (drugs, nights out).
I think he'd pay back, but feel like he might try and drag it out and not give it to me next week meaning I'd have to ask again after the holidays etc. I usually avoid lending (unless someone's really in trouble), but recently had 'borrowed' £20 from this guy (it was in the form of splitting meals, I didn't ask but he just said he'd pay by card for ease), and it ended up being like 2 weeks till I paid him back because I literally hadn't seen him. So I'd feel like a massive ***** if I now refused to lend to him!
Oh, and I've got enough money lying around, I won't miss it or anything but will be pretty annoyed if I don't get it back.
Lend or not?

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