Innovia Security to Print New Polymers

13.04.2014
The Bank of England has signed a 10-year contract with Innovia Security for the production of a film needed to create new polymer 5 and 10 pounds with the portraits of Sir Winston Churchill and author Jane Austen respectively, which will be put in circulation in 2016.
Innovia Security was founded by the Reserve Bank of Australia and later joined Innovia Group. The company with its UK branch located in Wigton will build new works in Cumberland to produce the polymer base for the British banknotes. The Bank of England's paper notes will still be produced in Essex, under De La Rue's control.
In December 2013, after the canvass by the Bank of England it finally resolved to issue lower-denom notes on the polymer substrate in order to save about 100m pounds in the next 10 years.

Source: City A.M.