Monday 30 May 2016 5:14 pm

Bank of England in a sticky situation with new £5 banknote


I'm City A.M.'s award-winning technology editor, covering everything from happenings at Apple and Google to the latest London startup. In particular fintech, blockchain, artifical intelligence, driverless cars, virtual reality and the sharing economy get me out of bed in the morning. I'm always trying to illustrate stories with pictures of dogs. Sometimes with some success. I was named technology journalist of the year at the UK Tech Awards.

I'm City A.M.'s award-winning technology editor, covering everything from happenings at Apple and Google to the latest London startup. In particular fintech, blockchain, artifical intelligence, driverless cars, virtual reality and the sharing economy get me out of bed in the morning. I'm always trying to illustrate stories with pictures of dogs. Sometimes with some success. I was named technology journalist of the year at the UK Tech Awards.

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The Bank of England (BoE) has got itself into a bit of a sticky situation when it comes to the imminent introduction of a new five pound note.

The fiver, to be unveiled this week and introduced into circulation later this year featuring the face of Sir Winston Churchill, will be the  first made of polymer rather than plastic. It's emerged, however, that the notes may stick together before they become more used.

Despite this slight issue, the BoE has been trumpeting the benefits of polymer over paper for some time. This includes them being cleaner, more secure and more durable than paper notes. The plastic notes are much harder for criminals to counterfeit while they are better for the environment because they last longer.

Read more: Who's going to be on the Bank of England's new £20 note?

The sticky situation is unlikely to hold the bank back, however, as more than 30 countries around the world already use the material for notes. The bank expects more than half of all £5 notes in circulation to be polymer by the start of next year, and by the end of 2017, paper fivers will be withdrawn completely.

Tenners and £20 notes featuring new faces – Jane Austin and JMW Turner – made of polymer are due to follow Churchill into circulation by 2020.

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