The Bank of England is announcing today, 4 June 2019, that it has entered into 8 year contracts with both CCL Secure Limited and De La Rue to supply the polymer substrate for the next £50 banknote and for future production of the current £5 and £10 banknotes.
Under these contracts the first call-off volume for production of the initial launch stock of £50 has been awarded 55% to CCL Secure Limited and 45% to De La Rue International Limited. The next call-off, which will cover the polymer £5 and £10, is expected to take place in 2020.
The Bank of England started a formal public procurement process in December 2018 for the supply of polymer substrate for the £5, £10 and £50. The final decision to award contracts to CCL Secure and De La Rue was taken by the Court of the Bank of England. Supply of polymer under the new contract will commence in 2020.
Within this process and after careful consideration, the Bank has decided that the composition of the polymer for the next £50 will be the same as for the current £5, £10 and £20.
Notes to editors
- The Bank commenced this formal tender process in December 2018 with the publication of a Contract Notice.
- Currently, CCL Secure (previously Innovia Security) is the only supplier of polymer substrate for the Bank’s £5 and £10 banknotes.
- De La Rue are the sole printers of Bank of England banknotes at the Bank’s facility in Debden, having entered into a 10 year contract commencing April 2015.
- The polymer £5 note, featuring Winston Churchill, was first issued on 13 September 2016. The polymer £10, featuring Jane Austen, was first issued on 14 September 2017. The polymer £20, featuring JMW Turner, will be issued in spring 2020. The character for the new £50 is due to be announced this summer.
- See Bank of England decision on the future composition of polymer banknotes announcement on 10 August 2017 regarding the composition of the polymer substrate used for banknotes.