The new banknotes will be smaller and made of more durable wipe-clean plastic. Polymer notes are already used in over 20 countries including Canada and Singapore.

The new currency would retain the current design and layout but the new material means the banknotes would survive for longer in circulation.

The Bank has organised a number of regional events over the next two months to gauge reaction from the general public.

The switch would start with the new £5 note, featuring Sir Winston Churchill, with the £10 note to follow.

Deputy Governor of the Bank of England, Charles Bean, said: “Polymer banknotes are cleaner, more secure and more durable than paper notes. They are also cheaper and more environmentally friendly.

“However, the Bank of England would print notes on polymer only if we were persuaded that the public would continue to have confidence in, and be comfortable with, our notes. The results of the consultation programme on which we are embarking will therefore form a vital part of our assessment of the merits of polymer banknotes.”

The consultation programme will end on 15 November 2013 and the Bank’s final decision, in the light of feedback, will be announced in December 2013.