The Bank of England announced yesterday (December 18) that, from 2016, it will start issuing polymer banknotes, or plastic money, in place of the cotton paper kind that have been in circulation for more than 100 years.<\/p>\n
New five-pound bills put into circulation that year will not only feature a portrait of Winston Churchill but should be more resistant against wear and tear and unintended journeys through the washing machine.<\/p>\n
The switch to plastic is expected to save money in more ways than one. The polymer banknotes should last at least two and a half times longer than paper ones, according to officials, which means that printing costs will also be less in the long run.<\/p>\n
The Bank\u2019s Governor, Mark Carney, said that ensuring trust and confidence in money is at the heart of what central banks do, so polymer notes are the next step in the evolution of banknote design to meet that objective. In addition, more than 20 other countries around the world have already made the switch.<\/p>\n
Mr Carney added that the quality of polymer notes is higher, they are more secure from counterfeiting and they can be produced at lower cost to the taxpayer and the environment.<\/p>\n
However, Britain is a very traditionalist country and also jealously guards its currency, having clung tenaciously to the pound when other European nations have opted for the euro.<\/p>\n
Therefore, before deciding to make any changes to banknotes, the Bank canvassed opinion in shopping centres around the country, explaining the benefits of plastic bills and collecting feedback and found that, of the nearly 13,000 people who responded, 87 per cent approved of polymer notes, 6 per cent disapproved and 7 per cent had no views one way or the other.<\/p>\n","protected":false},"excerpt":{"rendered":"
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