§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer what assessment he has made of how secure plastic bank notes are against counterfeiting; if they were considered as a replacement for the current £20 note; and if he will make a statement. [86649]
§ Ms HewittThe Bank of England continues to monitor carefully polymer (plastic) substrates for banknotes. In terms of security against counterfeiting, these type of banknotes are incompatible with certain traditional and well-proven security features (eg thread and watermark).170W However, the Bank are continually assessing the effectiveness of the different type of security features polymer offers.
The polymer substrate was considered for the £20 variant, but was discounted because of incompatibility with the theme of the current (Series E) note designs. The new £20 note is a variant within the existing series and is not the start of a new series of notes. It contains a number of additional security features which offer enhanced protection against counterfeiting and will cause less confusion to the public than an entirely new type of note.