New £5 note is here to stay, as Bank of England shrugs off animal fat concerns
THE Bank of England has said that it will keep the £5 polymer note in circulation and issue a new £10 polymer note as planned, despite concerns from activists over traces of animal fats.
It confirmed that an "extremely small amount" of tallow was used to produce polymer pellets, which were then used to create the material for the £5 note.
The central bank said it had carefully considered alternative options - like destroying, reprinting and delaying the issue of the £10 note - but said it would be costly and compromise new anti-counterfeit measures.
"Weighing the considerations below, the Bank has now concluded that it would be appropriate to keep the £5 polymer note in circulation and to issue the £10 polymer note as planned, in September,” the bank said.
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More than 134,000 people have signed a petition against its use, with activists advocating for a more suitable alternative.
However, the Bank said it has held off signing supply contracts for the £20 polymer note, which is due to be released in 2020, in order to weigh plant-based substitutes like coconut oil or palm oil.
It is launching a public consultation and will make a final decision on how £20 notes - and future runs of the £5 and £10 notes - will be manufactured by summer 2017.
HOW COINS AND NOTES ARE CHANGING
A new 12-sided £1 coin will enter circulation from March 28 and the old version will stop being legal tender on Octover 15. This means it will stop being accepted in shops and you won't be able to spend them.
Most banks and building societies will accept the new coin after Octover but only if you're a customer with them.
The old £5 note is being withdrawn from circulation on May 5 this year. Those with old notes after this date can take them to a bank to exchange them.
A new £10 note will be launched this summer, as well as a new £20 note in 2020.
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