Menu
10/09/2013
Plastic Banknotes 'Ready For 2016'
The Bank of England has said smaller, wipe-clean plastic banknotes could be introduced from 2016.
The new polymer notes stay cleaner and are more secure than the current cotton paper.
The Bank has spent the last three years studying the impacts of such a change, with much of the focus on the experience of 20 other countries that have adopted the polymer notes.
Of these, only seven have all denominations in plastic, and from the research, it said it is confident that printing on polymer would bring considerable benefits to both the durability and quality of banknotes, while also increasing protection against counterfeits.
The Bank believes the new notes would be:
The Bank of England has now organised a series of 50 public events to gauge public opinion across the UK over the next two months before coming to a final decision on the currency in December.
He said: "Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly.
"However, the Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence in, and be comfortable with, our notes.
"The results of the consultation programme on which we are embarking will therefore form a vital part of our assessment of the merits of polymer banknotes."
If a decision is made to move to polymer, the Bank will also introduce smaller banknotes. The look of the notes will not change, but they will be easier to fit into purses and wallets.
They will also continue to feature Her Majesty the Queen, and to celebrate people who have made a universally-recognised and lasting contribution in their particular field of work.
The switch could start with the new £5 note, featuring Sir Winston Churchill, with the £10 note featuring Jane Austen to follow.
(JP/CD)
The new polymer notes stay cleaner and are more secure than the current cotton paper.
The Bank has spent the last three years studying the impacts of such a change, with much of the focus on the experience of 20 other countries that have adopted the polymer notes.
Of these, only seven have all denominations in plastic, and from the research, it said it is confident that printing on polymer would bring considerable benefits to both the durability and quality of banknotes, while also increasing protection against counterfeits.
The Bank believes the new notes would be:
- Cleaner, as they resist dirt and moisture
- More durable, as they last for 2.5 times longer than paper banknotes. However, they would still shrink under extreme heat
- Secure, because they could include more sophisticated anti-counterfeiting techniques.
The Bank of England has now organised a series of 50 public events to gauge public opinion across the UK over the next two months before coming to a final decision on the currency in December.
He said: "Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly.
"However, the Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence in, and be comfortable with, our notes.
"The results of the consultation programme on which we are embarking will therefore form a vital part of our assessment of the merits of polymer banknotes."
If a decision is made to move to polymer, the Bank will also introduce smaller banknotes. The look of the notes will not change, but they will be easier to fit into purses and wallets.
They will also continue to feature Her Majesty the Queen, and to celebrate people who have made a universally-recognised and lasting contribution in their particular field of work.
The switch could start with the new £5 note, featuring Sir Winston Churchill, with the £10 note featuring Jane Austen to follow.
(JP/CD)
Related UK National News Stories
Click here for the latest headlines.
21 August 2003
Stephenson 'fivers' to be withdrawn
Old-style £5 notes featuring the image of George Stephenson are to be withdrawn from circulation, the Bank of England announced today. The Bank says that the notes can continue to be used up to 21 November 2003 after which they will no longer be legal tender.
Stephenson 'fivers' to be withdrawn
Old-style £5 notes featuring the image of George Stephenson are to be withdrawn from circulation, the Bank of England announced today. The Bank says that the notes can continue to be used up to 21 November 2003 after which they will no longer be legal tender.
18 December 2013
BoE To Introduce Plastic Banknotes
The Bank of England have announced that they will introduce plastic bank notes in 2016. Cotton paper bank notes, which have been in use for over 100 years, are to be replaced with polymer notes that the bank say stay cleaner and are more secure.
BoE To Introduce Plastic Banknotes
The Bank of England have announced that they will introduce plastic bank notes in 2016. Cotton paper bank notes, which have been in use for over 100 years, are to be replaced with polymer notes that the bank say stay cleaner and are more secure.
-
Northern Ireland WeatherToday:Cloudy with longer spells of rain during the morning, this rain heavy at times. Generally brighter in the afternoon, but with scattered and at times heavy showers. Maximum temperature 14 °C.Tonight:A mainly dry evening and night with isolated showers dying out and some longer clear spells. Then it will cloud over towards morning with some heavy showers. Minimum temperature 7 °C.
