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NEWS

UK to introduce plastic banknotes


17/09/2013

It took three years to study the impacts of a change from cotton paper

Smaller, wipe-clean plastic banknotes could be introduced by the Bank of England from 2016, matching some currencies across the world. The switch could start with the new £5 note, featuring Sir Winston Churchill, with the £10 note to follow.

The new polymer notes stay cleaner, are more secure and should even survive a spell in the washing machine, the Bank of England says.

The Bank has organised a roadshow to gauge public opinion across the UK over the next two months before coming to a final decision in December.
Other countries paying with plastic:
•    Australia was the first to issue polymer notes, in 1988,
•    Countries including New Zealand, Mexico, Singapore, Fiji and Canada followed suit,
•    Mauritius started issuing the notes in August.

www.intax-info.com

Related jurisdictions:
UK LTD
UK LLP
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