The New Fiver
A newly-printed batch of the new five pound notes
The Bank of England has said it will continue to use animal fat in its banknotes, although it is “working closely” with banknote polymer suppliers to determine what alternatives might be available.
The new polymer fiver, which features Winston Churchill, caused consternation late last year amongst some vegetarians, vegans and religious groups opposed to handling animal fat, as the polymer design contains a small amount of tallow, which is rendered from animal carcasses.
However, following “detailed analysis and further work”, the Bank of England says it would be “appropriate to keep the £5 polymer note in circulation and to issue the £10 polymer note as planned, in September.”
The Bank says its decision was made on the basis of long lead times in note manufacture, security of supply and cost implications relating to both reproduction of new notes and destruction of existing ones.
The current polymer notes are supplied to the bank by Innovia, based in Wigton, UK. A small amount of tallow is used in the base substrate of the early production stages of the polymer pellets.
The Bank and Innovia are now looking at other production methods.
A Bank spokesperson said: "The Bank has considered its responsibility to issue and maintain the supply of high quality and secure banknotes, its obligations under the Equality Act 2010, the concerns raised about the use of animal-derived products, the impact of any changes on firms that process and handle cash, the potential impact on our suppliers, and value for money for the taxpayer.
"Given the public interest in banknotes, and the complex issues involved, the Bank is seeking further opinions on the use of animal-derived products and plant-based alternatives before making any decisions on the polymer used in future production runs of £5 and £10 polymer notes and the new £20 polymer note.”
The decision to switch to polymer notes was made in early 2014, following detailed analysis and research by the Bank of England, which found them to be cleaner, more secure and more difficult to counterfeit than paper notes.
The polymer versions are also recyclable at end-of-life, more economical to produce and last approximately 2.5 longer than alternatives. Upon launching the five pound polymer notes on June 2 last year, Bank of England Governor, Mark Cairney, said that they “marked a major innovation.”
The Bank will now launch a full consultation on 30 March about the content of polymer substrate to be used in its future banknotes.