14 DAY TRIAL // The Bank of England says that it is now looking into the possibility of rolling out polymer banknotes. These banknotes would replace the cotton paper ones that are currently in use, and would pose several advantages.
First off, studies have shown that polymer banknotes are both of a better quality and more durable than traditional ones.
Because of this, they don't have to be replaced all that often. This means that, on the long run, they are cheaper to produce, Business Green explains.
Besides, Victoria Cleland, head of the notes division at the Bank, argues that, all things considered, polymer banknotes are far more environmentally friendly than cotton paper ones, “from production to destruction.”
The Bank hasn't yet made any final decisions, and will only do so once it receives feedback from the public.
“The Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence in, and be comfortable with, our notes,” stated Charles Bean, now working as deputy governor of the Bank of England.
Check out the video below to learn more on why polymer banknotes are better than traditional paper ones.
