How Will the New Banknotes Affect Businesses?
The new £5 note prompted a strong reaction throughout the UK back in September 2016, and we can expect to see a similar hype occurring when the new £1 coin is introduced at the end of March and after the £10 note arrives in September 2017.
With all this change, it’s important you keep your business up to date with currency changes because the original notes and coins will eventually go out of circulation. You need to stay especially aware if you have machines that accept notes and coins, as they will need to be recalibrated.
Did you know that the new plastic banknotes are going to cost an extra 50% to make? However, The Bank of England believes this initial cost will be returned due to the durability of the new notes – they are predicted to last for around five years unlike the two and a half years of the predecessors. This means in the long run, the polymer banknotes will reduce production costs by around £100m.
So it’s great news for The Bank of England, but the disruption to UK businesses is said to cost around £236m by the time they have made all of the necessary updates.
With all this in mind, printer ink supplier Toner Giant has put together a few facts and figures around the £5 note, to discover just how it has impacted British businesses and the benefits the new polymer design has to offer. Please take a look at below infographics: