The Bank has confirmed, Sky News claim, that a proviso is included in a new bank note printing contract to replace paper with polymer-based cash. They may be following Australia, who introduced flexible plastic bank notes more than a decade ago.

 

Tender documents for a new contract to print money have included a clause allowing for the polymer-based currency which last far longer. The Australian $5 note lasts an average of 40 months whereas an English £5 notes are worn out after an estimated six months.

A Bank of England's spokesperson told Sky News: " It's incumbent on the Bank, within our general research and development programme to look at the pros and cons of various security features and substrates. No decision has been made as yet regarding printing on polymer. "