The Bank of England will decide whether it will use polymer banknotes to replace the cotton paper notes currently used, after a public consolation programme this autumn.
The bank has conducted a research project looking at the materials on which banknotes are printed for the last three years. From its research the bank states that polymer banknotes are resistant to dirt and moisture so stay cleaner for longer and the banknotes are secure, incorporating advanced security features making them difficult to counterfeit.
It goes on to say polymer banknotes are more durable lasting at least 2.5 times longer than paper banknotes, improving the quality of banknotes in circulation. The bank found that polymer banknotes are more environmentally friendly and because they last longer are cheaper than paper banknotes.
Before making a decision the bank will be hosting a number of events across the United Kingdom over the next two months, in order to give the public an opportunity to provide feedback before it makes a final decision.
The consultation programme will end on 15 November 2013 and the Bank’s final decision, in the light of feedback, will be announced in December 2013. At the same time as running the public consultation programme the Bank will undertake further engagement with commercial institutions, which would be affected by a move to polymer.
Deputy governor, Charles Bean, 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.’
