360° Coverage : Britain mulls issuing plastic currency notes

11 Updates
Britain mulls issuing plastic currency notes
Photo Credit: , Getty Images

Britain mulls issuing plastic currency notes

Sep 11 2013, 4:30am CDT | by IANS

London, Sep 11 (IANS) The Bank of England may begin to issue plastic banknotes in order to ensure good quality genuine banknotes that the public can use with confidence.

London, Sep 11 — The Bank of England may begin to issue plastic banknotes in order to ensure good quality genuine banknotes that the public can use with confidence. The British central bank...

Filed under: news

YouTube Videos

 
 
 

1 year ago

Britain mulls issuing plastic currency notes

Sep 11 2013, 4:30am CDT | by IANS

London, Sep 11 (IANS) The Bank of England may begin to issue plastic banknotes in order to ensure good quality genuine banknotes that the public can use with confidence.

London, Sep 11 — The Bank of England may begin to issue plastic banknotes in order to ensure good quality genuine banknotes that the public can use with confidence.

The British central bank announced Tuesday it was soliciting public opinion for approval of such notes, reports Xinhua.

According to the bank, a three-year research project was undertaken to examine different materials on which banknotes are printed. The bank reviewed the relative merits of printing banknotes on polymer rather than the cotton paper as it is at present.

Understandably, the plastic banknotes will be resistant to dirt and moisture, and are safe and more durable. These will initially be used for the new-style five-pound and 10-pound banknotes, with one denomination at a time.

The five-pound note will feature a picture of Sir Winston Churchill, and is expected to be issued in 2016 at the earliest, with the 10-pound note to follow.

If the decision is made to move to polymer banknotes, the central bank said it would also introduce smaller banknotes so that it is convenient to carry them in purses and wallets.

"Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly," said Bank of England Deputy Governor Charles Bean.

"However, the Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence it in, and are comfortable using it," he said.

"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," Bean added.

The central bank will announce the decision on whether to move to polymer in December.

Polymer banknotes are manufactured from a transparent plastic film, specially coated with an ink layer that enables it to carry the printed design features of banknotes.

The material allows the inclusion of "windows" or clear portions in the design, which enhance protection against counterfeits.

IANS

Source: IANS

 
Update
11

19 hours ago

Pound at Risk on Status-Quo BOE Minutes, US Dollar May Rise on CPI

Oct 23 2014 1:09am CDT | Source: Forex News

Talking Points: British Pound May Drop on Status-Quo Bank of England Meeting Minutes US Dollar to Rise if September’s CPI Tops Forecasts, Boosting Fed Outlook See Economic Releases Directly on Your Charts with the DailyFX News App Minutes from October’s Bank of England policy meeting headline the economic calendar in European hours. The voting pattern on the rate-setting MPC committee will be in focus, with traders keen to see if the hawk ...
Source: Forex News   Full article at: Forex News
 

 
Update
10

1 day ago

Clarity From The Bank of England: Rates To Remain at 0.5%

Oct 22 2014 5:05am CDT | Source: Forbes Real Time

Bank of England policy makers take a more dovish tone as the world economy sl ...
Source: Forbes Real Time   Full article at: Forbes Real Time
 

 
Update
9

1 day ago

Bank of England keeps interest rates steady amid pessimism about global economy

Oct 22 2014 4:44am CDT | Source: Canadian Business Online

LONDON – Bank of England policymakers remain split on raising interest rates, voting 7-2 at their last meeting to maintain a record low rate of 0.5 per cent amid increasing pessimism about the global economy. Minutes from the meeting held Oct. 7-8, released Wednesday, show that policymakers opted to hold the line despite calls from some quarters to begin raising rates gradually. Martin Weale and Ian McCafferty remained the only two voting for a hike and argued that the labo ...
Source: Canadian Business Online   Full article at: Canadian Business Online
 

 
Update
8

1 day ago

BOE Officials Gloomier on Economy

Oct 22 2014 4:17am CDT | Source: WSJ.com: What's News US

Bank of England officials grew gloomier about the U.K.’s economic prospects in October, citing increasing headwinds from overseas and a slowdown at home, according to minutes of this month’s policy meeting. ...
Source: WSJ.com: What's News US  Full article at: WSJ.com: What's News US
 

 
Update
7

1 day ago

Bank of England keeps rates steady

Oct 22 2014 4:02am CDT | Source: The Standard: China's Business Newspaper

Bank of England policymakers remain split on raising interest rates, voting 7-2 at their last meeting to maintain a record low rate of 0.5 percent ami... ...
Source: The Standard: China's Business Newspaper   Full article at: The Standard: China's Business Newspaper
 

 
Update
5

1 day ago

London Markets: FTSE 100 hugs the flat line ahead of BOE minutes

Oct 22 2014 2:43am CDT | Source: MarketWatch

The U.K. benchmark is little changed, as investors wait for minutes from the Bank of England’ and with shares of British American Tobacco adding pressure after a lackluster trad ...
Source: MarketWatch   Full article at: MarketWatch
 

 
Update
4

3 days ago

VIDEO: 'CHAPS problem delayed my move'

Oct 20 2014 2:41pm CDT | Source: BBC News

House movers, including Aidan Myles from Chorlton, faced delays after the Bank of England stopped an automated system that transfers billions of pounds between banks for much of th ...
Source: BBC News   Full article at: BBC News
 

 
Update
3

3 days ago

Chaps Back Online and Extends Payments Processing Time After IT Failure

Oct 20 2014 10:15am CDT | Source: IBTimes UK

The Bank of England's Chaps system is now processing the backlog of payment ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 
Update
2

3 days ago

BOE Partially Suspends Payment System

Oct 20 2014 7:21am CDT | Source: WSJ.com: Europe Home

The Bank of England has partially suspended the use of a key payments system following a technical pr ...
Source: WSJ.com: Europe Home   Full article at: WSJ.com: Europe Home
 

 
Update
1

3 days ago

Chaps Failure: Britons Buying or Selling A House Hit by BoE 'Technical Issue'

Oct 20 2014 5:33am CDT | Source: IBTimes UK

The Bank of England's Chaps payment system has been down ...
Source: IBTimes UK   Full article at: IBTimes UK
 

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

India firm on objections to WTO Doha Round deal over food security
United Nations, Oct 24 (IANS) Even as the World Trade Organisation's trade deal remained stalled due to India's objections, an Indian envoy at the UN stood firm on them, declaring a "permanent solution on food security with necessary changes in World Trade Organisation (WTO) rules, if required, is a must and cannot be kicked down the road".
 
 
Twitter declares war on passwords
San Francisco, Oct 24 (IANS/EFE) Twitter formally declared war on passwords during a developers' conference in San Francisco, unveiling a new system that allows users to log-in to mobile apps with a phone number.
 
 
Ebola not to upset Africa's overall growth: IMF
Harare, Oct 23 (IANS) The Ebola outbreak in West Africa, which has claimed 4,500 lives, will have minimum impact on continent's overall growth, a top International Monetary Fund (IMF) official said Thursday.
 
 
Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla