Bank of England announces next £20 will be on polymer
3 September 2015
Bristol, England - The Bank of England’s Chief Cashier, Victoria Cleland, announced yesterday that the next issue of the £20 banknote will be on polymer. The announcement, which was made at the Follow the Cash conference staged in Bristol, is the culmination of years of extensive research and stakeholder consultation.
“I am pleased to announce that the new £20 note, which we expect to launch in the next three-to-five years, will also be printed on polymer,” said Ms Cleland. “The decision to change substrate wasn’t taken lightly. It followed many years of research, as well as engagement with the public and extensive consultation with the cash industry. Indeed, feedback from the industry has been key in developing the design, and choosing the security features, for the new notes.”
In her speech, Ms. Cleland confirmed the Bank’s reasoning for the drive toward polymer currency.
“Polymer incorporates complex windows and sophisticated security features and delivers a leap forward in counterfeit resilience. Experience from central banks that have issued polymer banknotes has been positive. Canada, for example, has seen a real reduction in counterfeit levels since launching its polymer series a few years ago. Polymer is also cleaner and more durable, leading to better quality notes in circulation,” she said.
Innovia Security’s Managing Director, Bernhard Imbach, reiterated the company’s commitment to ensuring that the company’s priority in regard to the United Kingdom was to ensure the successful launch of the £5 in Autumn 2016.
“Our focus is to ensure that the UK public has a positive experience with Guardian™ polymer banknotes, and to that end we are working closely with the Bank of England to meet their expectations and requirements. It is important that the nation enjoys these new notes and feels proud of the technology and quality that comes with polymer banknotes,” he said.
Innovia is currently contracted with the Bank of England to supply polymer banknote substrate for the £5 and £10. The procurement process for the £20 has not yet commenced.
Read the full transcript of Ms Cleland’s speech.
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