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UK bank notes to go plastic

The Bank of England is considering replacing the existing Five pound note with a plastic version. 

Bank of England officials are believed to be concerned that the £5 note, which as a low denomination note changes hands quickly, is not tough enough.

Sterling notes are currently made mainly from cotton fibres, but Australia and Hong Kong both use a polymer currency that stays in circulation longer.

There are plans to make the Five pound note entirely from polymer based substrates and also changes to the Fifty pound note may include a transparent area to improve durability and also protect against counterfeiting.

Although plastic notes are more expensive to produce their durability can save money over the lifetime of the note.

At the moment this is at the evaluation stage, with a final decision expected in a year.

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