UK plans switch to polymer banknotes

UK banknotesThe UK plans to join Canada, Australia, New Zealand, Mexico and Singapore in switching to polymer banknotes.

On Tuesday, the Bank of England announced a public consultation on the issue.  It gives 3 main reasons for the change:

  • The new notes will be more secure, as they will have advanced features making them more difficult to forge
  • They will be more durable, lasting 2.5 times longer
  • They will be cleaner, as polymer is more resistant to water and dirt than paper

The consultation lasts till November, and the decision will be made in December.  If all goes according to plan, the new notes (pictured) will start being used in 2016.

This, of course, will not only mean increased polymer sales.  It will also provide a positive image for polymers themselves, and hopefully remind the public of their many advantages.

About Paul Hodges

Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry. He also serves as a Global Expert for the World Economic Forum. The aim of this blog is to share ideas about the influences that may shape the chemical industry and the global economy over the next 12 – 18 months. It looks behind today’s headlines, to understand what may happen next in critical areas such as oil prices, China and Emerging Markets, currencies, autos, housing, economic growth and the environment. Please do join me and share your thoughts. Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.