ARTICLE HIGHLIGHTS NEW POLYMER £5 NOTES

The Bank of England is not an institution normally associated with laundering money. But it will break with tradition this week with the launch of Britain's first plastic banknotes, which can survive a 90C washing machine cycle.

Unlike a traditional cotton paper banknote, the polymer version repels dirt and moisture; you can pour a glass of red wine over it and simply wipe it clean. It is also almost impossible to tear.

On Thursday the Bank will reveal the exact design of the first polymer banknote : the £5 note. The new fiver will be about 15% smaller than the current one and will feature Winston Churchill, who replaces the 19th-century prison reformer Elizabeth Fry.

About 440m of the plastic £5 notes will come into circulation in September, with other notes to follow shortly afterwards. A polymer £10 note, featuring the author Jane Austen, will enter circulation next summer and the £20 note, featuring the artist JMW Turner, will be launched by 2020.

Britain joins a list of more than 30 countries that use plastic banknotes, though it is by far the biggest economy. Australia was the first in 1988, followed by countries such as Singapore and New Zealand. The Bank has made notes from cotton paper since it was founded in 1694.

Speaking exclusively to The Sunday Times, Victoria Cleland, 46, the Bank's chief cashier, said the polymer notes had been extremely popular among members of the public who have been shown them.

“They often said, ‘Wow, that's really cool.’ You don’t often get ‘cool’ and ‘the Bank of England’ in the same sentence. They are more modern and I think they’re beautiful,” she said.

To read the complete article, see:
Plastic fivers end era of dirty money (www.thetimes.co.uk/article/plastic-fivers-end-era-of-dirty-money-gdnhzfgjn?shareToken=f85459b0cd39988bb23657ebd893c89c)

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