Community
In December 2014, the Bank of England made a decision to introduce Polymer Banknotes into circulation, starting with the £5 notes in 2016 and the £10 note in 2017. On behalf of Cash Management Solutions, I have voiced my concerns in an open letter to the Bank of England:
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Dear [Name supplied if requested], I am writing to put some questions to you about the process the Bank of England has followed regarding the introduction of Polymer notes and to tell you that I would like to see an independent review of this decision. I had understood that the Bank would engage all stakeholders in the process and that a key element of the decision making process was to be an analysis of the costs of the change-over to the private sector. I was, therefore, very surprised to see that a decision was announced within days of the Christmas holiday with no reference to the cost benefit analysis having been completed. Indeed, no mention was made of any of the concerns I raised during the consultation process. Given the position we are now in, I have asked that the matter be raised with HM Treasury as I believe that an independent review of the decision is necessary. My concerns are as follows;
It would be good to understand the Bank's position on the above points, as I would like to know whether or not they have been considered and the importance given to each in the process. Brendan Doyle CEO, Cash Management Solutions
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I have also published the message on our website at www.cashmanagement.co.uk/news-and-events/open-letter-to-bank-of-england/. If anyone reading this would like to speak to me about these issues, please feel free to get in contact.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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