You are here: Home - Saving & Banking - News -

New £5 notes containing animal fat to stay in circulation

0
Written by:
15/02/2017
The new £5 polymer notes will remain in circulation despite concerns they contain traces of animal fat.

The £10 polymer note, set to launch in September, will also be made of the same material, the Bank of England has announced.

While the central bank said it “recognises the concerns” raised about the discovery of traces of tallow – a substance made from animal fat – used in the production of the new £5 note, it said reprinting would cost £46m as well as a further £50,000 to securely destroy existing notes.

The Bank has already printed 275 million £10 polymer notes, at a cost of £24m.

It has, however, delayed signing relevant contracts for the supply of materials for the £20 polymer, which is due to be issued by 2020.

It is launching a consultation at the end of March about the content of polymer substrate to be used in future bank notes.

In a statement, the Bank said: “As stated on 30 November 2016, the Bank was not aware of the presence of animal-derived products when it signed the contract with its supplier for the £5 and £10 banknote polymer. When the Bank discovered the presence of these products, its first step was to alert the public and subsequently has been treating the concerns raised by members of the public with the utmost seriousness.”

The new plastic £5 note entered circulation in September.

A petition launched to remove tallow from the notes has been signed by more than 134,500 people.

It says: “The new £5 notes contain animal fat in the form of tallow. This is unacceptable to millions of vegans, vegetarians, Hindus, Sikhs, Jains and others in the U.K.

“We demand that you cease to use animal products in the production of currency that we have to use.”

There are 1 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Doorstep lenders using ‘intimidating behaviour’ when collecting debts

Concerning tactics used by some doorstep lenders have been exposed by a charity.

Close