Bank of England rebuffs calls for changes to its polymer notes
Aug 11 2017 by Johnny Bowman
On Aug. 10, the London-based financial institution said it will stick with the existing polymer film blend for its new plastic banknotes, rejecting calls from some vegetarians in the United Kingdom to turn away from a film that uses a very small amount of material from rendered animal fat.
The central bank reviewed the make-up of its new plastic notes after thousands of people signed a petition calling on it to end the use of animal-derived products.
On Thursday, the Bank of England, which prints bills circulated in England and Wales, said that it would continue to use the polymer for the 5-pound note, worth about $6.50, introduced previous year, as well as the £10 bill that debuts in September and the £20 note that will enter circulation by 2020.
Britain's planned new polymer 20-pound and its 10-pound notes, which will be launched in September, are also affected by Thursday's announcement.
The Bank of England doesn't consider palm oil to be a viable alternative.
In a statement, the Bank of England says: "The Bank fully recognises the concerns raised by members of the public, both prior to and during the consultation, and has not taken this decision lightly".
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But the Bank said it had to balance this "against its other public duties and priorities" and other evidence it had gathered.
HM Treasury advised the Bank that it does not believe switching to palm oil derivatives would achieve value for money for taxpayers.