The UK’s next £20 note is to be printed on plastic, according to the Bank of England which says the use of the polymer was favoured by 87% of the respondents in a 10-week consultation.
This is the third bank note which is to be converted to polymer. In December 2013, the Bank announced that the ne next £5 and £10 banknotes will be on the plastic.
As well as helping to reduce fraud, the move is being taken in order to make the currency more durable and avoid having to reprint so often. There are about 1.9 billion £20 notes in circulation and another 737 million £10 notes.
"Experience from central banks that have issued polymer banknotes has been positive. Canada, for example, has seen a real reduction in counterfeit levels since launching its polymer series a few years ago. Polymer is also cleaner and more durable, leading to better quality notes in circulation," said the Bank’s chief cashier Victoria Cleland.
The new polymer £5 note featuring Sir Winston Churchill will be issued in autumn 2016. The £10 polymer note with Jane Austen is expected to enter circulation in 2017.
The new £20 note is due in circulation by the end of the decade. It will feature another historical figure involved in the visual arts and the person selected will be announced next spring.
