Norfolk’s business community came out in force for a business lunch with Chris Salmon, Chief Cashier of the Bank of England, to discuss the case for the introduction of polymer £10 and £5 banknotes.
In the presentation, Chris set out to cover a number of questions, including why the Bank had chosen to conduct a public consultation about whether to move to polymer – and what other central banks had chosen to make the change.
Discussing the Bank’s consultation exercise, Chris said: “Our aim was to provide as comprehensive a picture as possible of the issues associated with any change…Recognising that changes like this are rare events, we have taken our time and have sought to undertake as comprehensive analysis as possible before reaching the point we are at today.”
Norfolk Chamber Members had the opportunity to hear the full range of the potential benefits of introducing polymer banknotes: improved cleanliness, greater durability and superior counterfeit-resistance. Members were also given sample notes to handle for themselves, which caused a lot of animated discussion.
In terms of durability, for example, Chris explained that the current paper banknotes have a lifespan of 2.3 years, whereas the polymer notes have a predicted 6 year lifespan. Should the Bank introduce polymer notes following the consultation, the Bank would also look at recycling schemes that could result in 96% of each polymer note being recycled.
The lunch in Norwich was part of a national consultation process, with the Bank holding 50 events across the country over two months. The aim is to gather feedback from a variety of audiences. As part of this process, Chris took questions from the Norfolk businesses assembled.
Questions raised included whether the UK was moving towards a cashless economy, whether the introduction of polymer notes would affect retailers operating self-service machines, and the environmental benefits of polymer notes over paper.
Notes from Chris’s speech can be foundhere
Chris’s presentation slides can be downloadedhere
