Bank of England signs contract with Innovia

What was already expected, has now been confirmed: the Bank of England has signed a contract with polymer producer Innovia to produce the sheets of plastic needed for the new polymer banknotes.

Innovia, whose polymers are used for bank notes by more than 20 countries, will establish a plant in Wigton in northwest England to produce the materials. The Bank said notes will continue to be printed at its works in Debden in southeast England, which is run by De La Rue. Innovia Security is an Australian division of UK-based Innovia Group.

The new notes will be smaller (by around 15%). The first polymer note to be printed and issued will be the £5 note with the image of Sir Winston Churchill. This note will enter circulation in 2016, shortly followed by the £10 note with the image of Jane Austen.