20 August 2017
visit www.avoka.com

Bank of England rejects palm oil as replacement for animal fats in plastic banknotes

10 August 2017  |  5791 views  |  0 Pound note Queen Close up

In a decision that will anger vegans across the UK, the Bank of England has rejected the introduction of palm oil as a replacement for the use of animal fats in future production runs of polymer bank notes, citing environmental concerns and excessive costs.

Earlier this year, the central bank faced a backlash when it emerged that it was using tallow, a rendered form of beef or mutton fat, in its new plastic £5 note, which went into circulation in September.

In February, the BofE decided against ditching the use of tallow for the £5 note and the new polymer £10 note, which will launch in September. However, it promised to investigate alternatives for the new £20 note and future reprints of the £5 and £10.

In rejecting palm oil, the BofE, cited value for money, as well as the widespread use of animal-derived additives in everyday products, including alternative payment methods.

"The use of palm oil raises questions about environmental sustainability and the Bank’s suppliers have been unable to commit to sourcing the highest level of sustainable palm oil at this time," says the Bank. "Value for money was also a consideration in the Bank’s decision. The estimated extra cost of switching has increased since the consultation and is now estimated to be around £16.5 million over the next ten years."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank of England may ditch animal fat for palm oil in new plastic £20 note

Bank of England may ditch animal fat for palm oil in new plastic £20 note

30 March 2017  |  4461 views  |  0 comments | 7 tweets | 3 linkedin
Bank of England unbowed by beef backlash

Bank of England unbowed by beef backlash

15 February 2017  |  3091 views  |  0 comments | 5 tweets | 1 linkedin
Veggies beef with BofE over animal fat in new plastic fiver

Veggies beef with BofE over animal fat in new plastic fiver

29 November 2016  |  3860 views  |  1 comments | 3 tweets | 2 linkedin
The shrinking economy; Bank of England on durability of cash

The shrinking economy; Bank of England on durability of cash

04 October 2016  |  5737 views  |  2 comments | 13 tweets | 8 linkedin
Plastic fiver out-of-step with changing payment preferences

Plastic fiver out-of-step with changing payment preferences

12 September 2016  |  6184 views  |  3 comments | 7 tweets | 9 linkedin
BofE turns to augmented reality to showcase new plastic fiver

BofE turns to augmented reality to showcase new plastic fiver

02 June 2016  |  8903 views  |  1 comments | 11 tweets | 12 linkedin
UK's £20 banknote to go plastic

UK's £20 banknote to go plastic

02 September 2015  |  6536 views  |  0 comments | 21 tweets | 10 linkedin
De La Rue named preferred bidder for BofE plastic banknote contract

De La Rue named preferred bidder for BofE plastic banknote contract

08 September 2014  |  5300 views  |  0 comments | 7 tweets | 2 linkedin
UK banknotes to go plastic in 2016

UK banknotes to go plastic in 2016

18 December 2013  |  6700 views  |  1 comments | 17 tweets | 11 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.euvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9810 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8320 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7889 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
7660 views 0 | 2 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7146 views comments | 15 tweets | 13 linkedin