Following a three year research programme and a public consultation, the Bank of England has finally decided that its next £5 (featuring Sir Winston Churchill) will be printed on polymers such as Biaxially oriented Polypropylene (BOPP) in the second half of 2016 and £10 (featuring Jane Austen) banknotes next year.
The Bank’s research papers have shown considerable benefits in polymer banknotes, they are cleaner, more secure, and more durable than paper banknotes. They will provide enhanced counterfeit resilience, and increase the quality of banknotes in circulation. Polymer notes are also more environmentally friendly than paper and, because they last longer are, over time, cheaper than paper banknotes.
The new notes will be smaller (by around 15%).