Bank of England Plans to Introduce Plastic Notes by 2016

Bank-of-EnglandThe Bank of England recently announced that plastic notes are almost ready and could be released by it in 2016.

In the opinion of the bank, the wipe-clean, smaller notes would probably match currency throughout the world. The notes have the ability to remain cleaner and more secure. In fact, these could survive a washing machine spell.

A period of three years has been spent by the bank on the study, which focused on the effects of a change from cotton paper.

Yes! Cotton fibre and linen rag have been used to manufacture the new banknotes. The average fiver is expected to last for a year or so. Also, unfit notes could wind up in industrial compost.

A road show has been organized by the bank in order to measure public opinion around the country. For two months, the same would go, ending up in a final decision over the `notes' in December.

Reportedly, the new £5 note that features Sir Winston Churchill would start the new trend. The same would likely be followed by the £10 note.

"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", stated Deputy Governor Charles Bean at the bank.