Banking on plastic money

You may have noticed the announcement by the Bank of England that they intend to print our local currency on a special paper or polymer. This should facilitate improved new security measures and increase the life of your typical banknote. This is because the paper is more durable, in particular it is better in the wet. The argument being that fewer banknotes will need to be reprinted and therefore there will be some environmental benefits. The truth is probably a little more complex, in that paper is about as environmentally friendly as it gets, anything plastic is precisely the opposite of environmentally friendly.

The first £5 Winston Churchill note in the new format will be released in 2016 and it is expected that this will be followed a year later by the £10 note featuring Jane Austen.

Dominic Thomas: Solomons IFA