Following a three year research programme and a public consultation during Autumn 2013, the Bank of England has decided that its next £5 and £10 banknotes will be printed on polymer.
The aim is to introduce the next £5 (featuring Sir Winston Churchill) in 2016 and £10 note (featuring Jane Austen) a year later. The new notes will be smaller (by around 15%).
The Bank’s research has shown considerable benefits in polymer banknotes, they are cleaner, more secure, and more durable than paper banknotes. They will provide enhanced counterfeit resilience, and increase the quality of banknotes in circulation. Polymer notes are also more environmentally friendly than paper and, because they last longer are, over time, cheaper than paper banknotes.
The results were supplemented by feedback gained during a 10 week public consultation programme, which showed 87% of respondents in favour of a move to polymer.
To watch the Press Conference webcast or read the reports from the Polymer Public Consultation Programme see the links below.
Watch Press Conference webcast
18 December 2013
Press Conference Transcript (42KB)
18 December 2013
New Bank of England banknotes to be printed on polymer
News Release, 18 December 2013
Results of the Polymer Public Consultation Programme
Download PDF (2.1MB)
Polymer Consultation - TNS Research Report
Download PDF (456KB)
During the consultation period, the Bank conducted an online survey and attended nearly 50 events around the country, as well as commissioning independent focus groups and surveys.
In the lead up to the introduction of the new polymer banknotes, the Bank will carry out a full education and publicity programme to ensure that retailers, businesses, and the general public are fully aware of what the new notes look like and how to authenticate them.
To find out more about polymer banknotes, see the detailed fact sheets.
You can also watch the following short video.
The decision to move to polymer banknotes
A short video with Victoria Cleland