BOE Moves to Polymer Banknotes
New £5 banknote due in September 2016
Following a three year research programme and a public consultation during Autumn 2013, the Bank of England has decided that its next £5 and £10 banknotes will be printed on polymer.
The aim is to introduce the next £5 (featuring Sir Winston Churchill) in 2016 and the £10 note (featuring Jane Austen) a year later. The new notes will be smaller (by around 15%).
The Bank’s research has shown considerable benefits in polymer banknotes, they are cleaner, more secure, and more durable than paper banknotes. They will provide enhanced counterfeit resilience, and increase the quality of banknotes in circulation. Polymer notes are also more environmentally friendly than paper and, because they last longer are, over time, cheaper than paper banknotes. The results were supplemented by feedback gained during a 10 week public consultation programme, which showed 87% of respondents in favour of a move to polymer. More ...
BOE Public Consultation
Nearly 13,000 individuals gave feedback during the public consultation programme with 87% of those who responded in favour of polymer, 6% opposed and 7% neutral.