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.
22 July 2008
ATM Fraudster Jailed After Baby Cash Photo Found
An East Yorkshire fraudster has been jailed after a picture he took of his baby surrounded by bank notes as a boast was uncovered by police. Adu Bunu, of Wakefield, was convicted at Hull Court of making copies of more than 2,000 cashpoint cards and clearing funds from his victim's accounts.
ATM Fraudster Jailed After Baby Cash Photo Found
An East Yorkshire fraudster has been jailed after a picture he took of his baby surrounded by bank notes as a boast was uncovered by police. Adu Bunu, of Wakefield, was convicted at Hull Court of making copies of more than 2,000 cashpoint cards and clearing funds from his victim's accounts.
26 June 2008
Great Escape On The Cards For Infamous Train Robber
Infamous train robber, Ronnie Biggs, could be freed from jail in a year, his lawyer has said. Biggs, 78, was sentenced to 30 years for the 1963 robbery, but escaped Wandsworth prison by scaling a rope ladder, after 15 months.
Great Escape On The Cards For Infamous Train Robber
Infamous train robber, Ronnie Biggs, could be freed from jail in a year, his lawyer has said. Biggs, 78, was sentenced to 30 years for the 1963 robbery, but escaped Wandsworth prison by scaling a rope ladder, after 15 months.
23 November 2006
Forgery gang jailed
Nine members of a gang who produced the largest ever amount of fake bank notes have been jailed. The gang produced £14 million in fake bank notes. According to reports, more than 700,000 bogus £20 notes and over 27,000 fake 50 Euro notes were recovered by Bank of England officials.
Forgery gang jailed
Nine members of a gang who produced the largest ever amount of fake bank notes have been jailed. The gang produced £14 million in fake bank notes. According to reports, more than 700,000 bogus £20 notes and over 27,000 fake 50 Euro notes were recovered by Bank of England officials.
-
Northern Ireland WeatherThis Evening and Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 7 °C.
