Polymer bank notes are already in use in a number of countries.
The Bank of England has announced its decision to adopt polymer bank notes following the completion of its UK wide consultation process, and that it also expects to enter into a contract with Innovia Security, a division of Innovia Group, to manufacture the polymer substrate.
Innovia says it has been identified as the preferred supplier because its ‘Guardian’ polymer substrate is already well established, being used by over 20 other countries, including Canada. Innovia plans to build a opacification plant at its Wigton site, which will require an investment of over £20 million.
This will be in addition to the recently announced £20 million investment package for the installation of additional Biaxially Oriented Polypropylene (BOPP) film capacity and a gas turbine, also on the Wigton site.
The new opacification plant is expected to be fully operational in early 2016 and will ultimately produce the polymer substrate required for the new Winston Churchill £5 note, which will be launched in 2016. The Jane Austen £10 note will follow around a year later. This investment will also create 70 to 80 additional jobs.
David Beeby, CEO, Innovia Group expressed his excitement saying: “We are very proud to have been selected as the preferred supplier of the polymer substrate for the new £5 and £10 bank notes. This decision not only recognises the benefits that polymer notes have to offer but also Innovia’s expertise in this field.”