Welcoming the plastic pound: Your money will last at least 2.5 times longer

No silly - we aren't saying soon your pound will buy you 2.5 times more than it currently does; rather it will weather the sands of time in a more durable fashion.

The central bank has begun a two-month public consultation to scrap paper and introduce polymer notes. The Bank says the polymer note is harder to counterfeit, more durable, more environmentally friendly, and cheaper.

Deputy Governor of the Bank of England, Charles Bean, said:

"Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly. However, the Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence in, and be comfortable with, our notes.

"The results of the consultation programme on which we are embarking will therefore form a vital part of our assessment of the merits of polymer banknotes."

A final decision is due in December.

Notes getting smaller

The composition of your British bank note is not all that will change.

If a decision is made to move to polymer, the Bank will also introduce smaller banknotes.  

These will be more in line with the size of those in other countries and the larger denomination banknotes will be easier to fit into purses and wallets.  

This will not alter the current look of Bank of England banknotes: the existing format of tiered sizing will be maintained, i.e. the higher the denomination, the bigger the note.

 They will also continue to feature Her Majesty the Queen, and to celebrate people who have made a universally-recognised and lasting contribution in their particular field of work.  The first polymer banknote would feature Sir Winston Churchill, and the second Jane Austen.”

Chris Salmon, the Bank’s Executive Director, Banking Services and Chief Cashier, said today:

“The forthcoming consultations demonstrate the Bank’s commitment to transparency in relation to banknote issues, and are aimed at enhancing awareness and understanding of polymer so that the public can feed into the Bank’s decision in an informed way.  I am looking forward to participating in a number of consultation events over the next two months.”