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East Midlands Chamber News

Businesses Will Welcome New Bank Notes, says DNCC

Polymer Banknotes (CC BY-ND 2.0 Bank of England)The Bank of England today announced plans to introduce new banknotes printed on polymer – a thin plastic film – instead of on the cotton paper used for notes currently in circulation.

A new £5 note, featuring Sir Winston Churchill, will be introduced in 2016, with a new £10 note featuring Jane Austen coming a year later.

The move follows a three-year research programme by the Bank which found that polymer banknotes are:

  • Resistant to dirt and moisture, so stay cleaner for longer
  • More secure and can incorporate advanced security features making them difficult to counterfeit
  • More durable, lasting at least 2.5 times longer than paper banknotes
  • Cheaper and more environmentally friendly to produce

Earlier this year, Derbyshire and Nottinghamshire Chamber of Commerce (DNCC) facilitated a forum with the Bank of England to give local businesses the opportunity to input into the consultation.

Chris Hobson, the Chamber’s Head of Representation and Information, said: “Businesses will welcome the move to print UK banknotes on polymer instead of paper. It’s important that UK currency is both physically robust and difficult to counterfeit and this move will help to address both of those issues.

“The retail sector in particular will benefit from this move, which will lead to less tatty, more durable notes which can stay in circulation for longer, reducing printing frequency to an acceptable cost-per-note produced.

“Without detailed knowledge, the new notes will also be harder to forge which will help to eliminate fraud and maintain strong confidence in UK currency.”