§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer if he will conduct research into(a) the cost of manufacturing a plastic banknote and (b) its lifespan in comparison with a paper note; and what plans he has to introduce plastic currency. [47199]
§ Mrs. LiddellThe Bank of England, which is responsible for issuing banknotes, has an active research and development programme which considers all aspects of a variety of substrates ranging from the current high quality cotton based paper to the polymer substrate (plastic). There is no clear information available on the cost of manufacturing polymer banknotes although this will depend on a number of factors including the number of banknotes printed and their actual lifespan.
There are no plans to introduce a polymer banknote in the short term.