Bank of England asks for public input before switching to polymer notes
Sep 11, 2013 10:03 AM Category: Europe
According to a press release dated 10 September 2013, the Bank of England has revealed that it has been studying a switch from paper to polymer substrates over the past three years and found that the latter is cleaner, more secure, more durable, and more environmentally friendly. However, before finalizing on the decision to switch to polymer for its banknotes, the bank is undergoinh a two-month-long public consultation program ending on 15 November 2013. The bank’s final decision, in the light of feedback, will be announced in December 2013. If a decision is taken to proceed with printing on polymer, this will initially only be for the new-style £5 and £10 banknote. Polymer banknotes would be introduced one denomination at a time, with the Churchill £5 in 2016 at the earliest. The new polymer notes would also be smaller than existing paper notes.