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Bank of England to unveil polymer fiver design in June

In a recent speech, Chief Cashier Victoria Cleland thanked the cash industry for helping 'to ensure a smooth transition to polymer.'

March 14, 2016

Victoria Cleland, chief cashier of the Bank of England announced last Thursday that the bank will unveil the design of the new five pound banknote on June 2.

In a speech at the Retail Business Technology Expo in London, Cleland enumerated the benefits of polymer banknotes, which the BoE will begin rolling out in September:

The new fiver will bring a step change in counterfeit resilience and quality. We have been working extensively with the cash industry to ensure a smooth transition to polymer. Now is the time for retailers and businesses to prepare.

Alongside the launch, we will release new free-of-charge training materials to help businesses train their staff, and run an extensive public awareness campaign to enable everyone to prepare for the new fiver entering circulation in September.

This is an exciting time for banknotes and we are grateful to the cash industry for helping us introduce polymer banknotes.

Once the new note becomes available, the paper version will begin to disappear from circulation over time. The polymer 10 pound note featuring Jane Austen will enter circulation approximately a year later; a polymer 20 pound note will be introduced by 2020, the release said.