Central Banking

BoE looking 'carefully' at banknote substrate choices

Chris Salmon, chief cashier at the Bank of England, says the possibility of polymer or hybrid substrate banknotes is being looked at by the central bank; no decision made yet
salmon-chris

In an interview with CentralBanking.com, Chris Salmon, the executive director banking and chief cashier at the Bank of England, explained that the idea of moving away from paper banknotes is something the central bank is investigating. "It is incumbent on us to look carefully at the choices for substrates," he said. Salmon stressed that no decision has yet been made.

Salmon also shared his experiences of redesigning the £50 note and reported only a "tiny number" of counterfeits have surfaced since the note was introduced in November 2011.

Defending the relevance of the high-value note in an age where electronic transfers are more usual for larger sums, Salmon said the £50 note certainly has a place in payments and savings in the UK. He categorically rejected the idea of a £100 note being introduced in the UK, however.

The full interview is available in the video above. The Bank of England Museum exhibition, which charts the development of the £50 note, closes on March 23.

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