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Britain could get plastic banknotes

Soon-to-be Governor of the Bank of England, Mark Carney, has hinted that the UK may soon move to plastic notes, reports.

It was announced in November last year that Canadian Carney would take over from Mervyn King at the Bank of England in July, making him the first non-Briton to take the role in the bank's 320-year history.

As soon as the announcement was made, speculation began building that Carney would introduce plastic notes to the UK economy, having overseen a similar roll-out in Canada.

Now, Carney has stoked the rumours, answering a question on whether Britain was to get the so-called 'polymer pound' by saying: "The Bank is exploring a variety of options for their next currency, yes."

Currently, UK notes are not made from paper but a cotton and linen rag blend which makes them more wear-resistant. Polymer banknotes, however, are even more durable - around three times so - making them good for the economy as they need to be replaced less often. They also utilise a new series of security features, such as transparent windows, making cash management much easier for retailers.

The plastic Canadian dollars didn't please everyone, however, after reports following the release claimed they stuck together too easily and were even susceptible to melting in the heat, claims.

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