The new Sir Winston Churchill £5 note has now been released. The note features the image of Sir Winston Churchill and is made of plastic rather than cotton. The decision to feature Churchill on the new banknotes was made three years ago.
These new plastic £5 notes are flexible and thin and also will be a lot cleaner than the cotton ones. The plastic £5 should last for five years meaning in the long run we should save money as we will not have to print as much out. In addition the will be harder to counterfeit then the current paper ones.
Countries such as Australia and Canada are already using the plastic banknotes. The bank of England have invested £70m in this project to use a thin, see-through polymer instead of cotton. Different elements have also been used to help the visually impaired. The new designs also feature holograms such as the one showing the maze at Blenheim Palace.
As there are over 300 million cotton £5 notes in England at the moment it should take roughly a year for the Churchill note to replace it. By 2020 the new plastic £10 and £20 notes will be printed.
Below is a table of what should be happening;
|New polymer banknotes|
|Note/Bank||Picture||Date for introduction|
|£5 Bank of England||Sir Winston Churchill||September 2016|
|£10||Jane Austen||September 2017|
|£20||JMW Turner||by 2020|
|£5 Clydesdale Bank||Sir William Arrol/ Forth Bridge||March 2015|
|£5 Royal Bank of Scotland||Nan Shepherd||Autumn 2016|
|£5 Bank of Scotland||Sir Walter Scott/ The Mound||Autumn 2016|
If you’d like help with you finances speak to the JacRox team of Xero accounting specialists on 0800 020 9542.