The Bank of England (BoE) is planning to switch to polymer banknotes, starting with a new Sir Winston Churchill £5 note in 2016.
The UK’s central bank is likely to take a decision about the induction of plastic notes, which will mark the beginning of the end for 320 years of paper notes from the bank, reported The Guardian.
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In order to gauge the public mood about the launch of new notes, BoE governor Mark Carney launched a public consultation, while the bank authorities have been touring shopping centers and business groups in the country.
Due to durability and cleanliness, polymer bank notes are already in circulation in Australia for more than two decades, while Canada is planning to launch the plastic notes.
BoE said that the new plastic notes would be equipped with robust security features, making them tough to counterfeit.
Initially, the bank is planning to introduce a new Churchill note in 2016, while a £10 note featuring Jane Austen will be launched in 2017.
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By GlobalDataWelcoming the BoE move, British Plastics Federation director-general Peter Davis told the news agency, "It’s essential all the plastic banknotes are made in the UK. Why not make coins out of plastic? It will save wear and tear on our pockets."
