Bank of England confirms new £10 note WILL have animal fat too
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The new polymer £10 note will also have animal fat in it, the Bank of England confirmed today.
The Bank of England has said it will also continue to produce polymer £5 notes laced with animal fat for some time to come - because it would cost the taxpayer up to £10million to replace them.
In a statement today, the Bank said it recognised the concerns raised about the discovery of traces of tallow used in the production of its £5 polymer notes.
The Bank did, however, confirm that paper money is entirely animal-product free (although some is used in their production).
It said consultation will now begin on how to new print notes without tallow, but for now fivers and tenners will continue to include it.
(Photo: AFP/Getty Images)
The Bank previously said it 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 last November.
It later discovered an "extremely small amount" of tallow being used during the production process of polymer pellets, which are then used to create the base substrate for the £5 note.
A statement said: "The Bank is continuing to work closely with banknote polymer suppliers to determine what alternatives might be available."
It also warned a U-turn on the current polymer £5 notes in circulation could set taxpayers back as much as £10 million.
In reaching its decision, the Bank said it had given careful consideration to the possible alternative options for the current £5 note and the Jane Austen £10 polymer note.
It said: "The Bank has considered: its responsibility to issue and maintain the supply of high quality and secure banknotes, its obligations under the Equality Act 2010, the concerns raised about the use of animal-derived products, the impact of any changes on firms that process and handle cash, the potential impact on our suppliers, and value for money for the taxpayer."
"Given the public interest in banknotes, and the complex issues involved, the Bank is seeking further opinions on the use of animal-derived products and plant-based alternatives before making any decisions on the polymer used in future production runs of £5 and £10 polymer notes and the new £20 polymer note."
The new £20 polymer note is due to be issued by 2020 and production has not yet begun.
The Bank says it has delayed the signing of the relevant contracts for supply of materials for the £20 polymer until it has decided the best way forward weighing all the considerations.
It will launch a full consultation on 30 March 2017 about the content of polymer substrate to be used in its future banknotes. The consultation paper will set out the key issues and invite views from the public.