The Bank of England is preparing to introduce plastic banknotes as part of its new £1bn tender to produce sterling from as early as 2015.

The tender process – details of which were first revealed by The Sunday Telegraph last weekend – demands that potential bidders are able to cope with changes from paper bank notes to plastic – or polymer – notes from the start of the contract. This is understood to be the first time the Bank has put a timescale on the introduction of plastic notes. The benefit of plastic is length of life, although there are cost implications. Earlier this year the Bank’s chief cashier Chris Salmon said it has been investigating the possibility of polymer or hybrid substrate banknotes. It is understood that the Bank will initially introduce plastic notes for lower denominations which tend to be in wider circulation.....Read more here: Coming to Britain - plastic banknotes - Telegraph