After our recent blog about the government making a decision on plastic bank notes for the UK, the plans have now been confirmed.
Plastic banknotes will now be issued in 2016 when the new £5.00 note is issued showing Sir Winston Churchill. The £10.00 note is then to follow the following year featuring Jane Austen.
Over the last 3 years there has been extensive research and public consultation as to the issue of plastic bank notes, concluding that the notes would say cleaner for longer and were more difficult of copy and make forged bank notes. The notes would also last up to nearly 3 times longer.
The public opinions was gathered through a programme of national roadshows which started in September and ended in November. It gave the public the chance to feel and touch the notes, and to give their opinions which found that 87% of the 13,000 people who responded were in favour of the change to our bank notes. However, there were concerns about the size of the notes and would they fit into wallets and purses, the new notes are said to be slightly smaller in comparison to our current paper notes. The increase in size of the notes specific to the domination of the banknote will stay the same.
With the high quality of the new notes and the increased security around counterfeiting they will also cost the taxpayer less in the long term due to longer life spans and they will be more environmentally friendly.
A contract is expected to be signed with Innovia Security to supply polymer material, which would see Innovia establish a polymer production plant in Wigton, Cumbria.