It gives a whole
new meaning to hard cash.
Plastic banknotes
could be introduced within a few years, the incoming Governor of the Bank of
England has suggested.
Mark Carney, who
introduced so-called polymer notes to Canada, yesterday said Britain could now
follow suit.
Plastic notes are
designed to be more durable, waterproof and harder to forge than paper money,
which has been in use for 300 years.
Other countries
using polymer notes include New Zealand, Romania, Mexico and Vietnam.
When asked if
Britain could look forward to plastic money, Mr Carney said: ‘The Bank of
England is exploring a variety of options for their next currency, yes.’
He also responded
to complaints that plastic banknotes are inconvenient because they tend to
stick together when new.
Gesturing, the
former Governor of the Bank of Canada said: ‘If you go like this with them yeah
they come apart.
'They last longer,
they’re cleaner and greener, good value for taxpayers and better for the
environment.’
The Bank of
England has put out a £1billion tender from 2015 for the printing of notes.
Part of this
process demands that bidders are able to cope with the change from paper to
plastic.
Mr Carney made the
admission during an interview on Canadian television in which he also revealed
that, despite not yet starting at the Bank of England, he already had an exit
strategy, and plans to return to Canada when his tenure is over.
He said: ‘There’s
a big challenge that I’ve been offered. Very much looking forward to it.
‘But in the end,
I’m Canadian and I’ll come back and bother you.’
Mr Carney will
succeed Sir Mervyn King as head of the bank in July.
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