Bank of England to ditch paper banknotes in favour of washing machine proof plastic
The Bank of England has revealed plans for an ambitious makeover of British currency, ditching today’s cotton pulp banknotes for those of the polymer variety as early as 2016.
A two month consultation into the planned changeover has now begun with Bank officials stressing a compelling case for plastic, noting that it is harder to counterfeit, more durable, more environmentally friendly, cleaner and cheaper.
Amongst the first notes to be ushered in under this new wave would be a Winston Churchill fiver in early 2016, closely followed by a Jane Austen tenner.
Some have raised concerns about the introduction of such notes however, pointing out that they cannot be folded, can be ‘slippery’ to hold and have a tendency to melt when exposed to temperatures of 120C.
Charlie Bean, deputy governor of the Bank of England, said: “Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly. However, the
Bank 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.”
A final decision on the changeover will be taken in December.