2017-03-06 Mon

There have been continuous reports stating that the new English polymer £5 note comes with some bits of animal by-products like tallow. Tests were conducted by the Bank and on 15th February an official statement was released about the new £5 notes, yet to be released Jane Austen £10 notes and J.M.W. Turner £20 bank notes.

The £5 notes were printed at a cost of £46 million and they won’t be withdrawn from circulation. 275 million £10 notes have been printed and released at a cost of £24 million. They said that the new notes have strong security features and would meet the public demand. They are value for money. If they are withdrawn then it would impact United Kingdom business and have environmental consequences.

Replacements are being considered instead of animal- and plant-based products due to which the issuance of contracts for the £20 has been delayed. The public view will also be considered like ti happened when the designs were to be finalised. The decision will be taken based on certain criteria like the production process; counterfeit deterrence; the viability of plant-based alternatives and the cost.