The Bank of England’s Chief Cashier, Victoria Cleland, has announced that the Bank will unveil the design of the new five pound banknote on the 2nd of June 2016.
IIn her speech, at the Retail Business Technology Expo in London on the 10th of March, Victoria outlined the benefits of polymer banknotes and how businesses can best prepare for their introduction in September.
She said: “On Thursday 2 June we will unveil the full design of the new fiver – the Bank of England’s first polymer banknote. The new fiver will bring a step change in counterfeit resilience and quality. We have been working extensively with the cash industry to ensure a smooth transition to polymer. Now is the time for retailers and businesses to prepare."
"Alongside the launch, we will release new free of charge training materials to help businesses train their staff, and run an extensive public awareness campaign to enable everyone to prepare for the new fiver entering circulation in September. This is an exciting time for banknotes and we are grateful to the cash industry for helping us introduce polymer banknotes.”
The new five pound note will enter into circulation during September 2016 with the current paper £5 note being removed from circulation gradually thereafter.
The polymer £10 note featuring Jane Austen will enter circulation around a year later and a new polymer £20 note will be introduced by 2020.