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New notes get the thumbs-up

The Bank of England’s plans to introduce new banknotes printed on a thin plastic film – instead of the cotton paper currently used - have been welcomed by Derbyshire businesses, following a special forum.

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.

Earlier this year, Derbyshire and Nottinghamshire Chamber of Commerce (DNCC) hosted a forum with the Bank of England to give local businesses the opportunity to give their views.

Chris Hobson, of DNCC, 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.”

 

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