June 4, 2019 / 11:27 AM / 13 days ago

Bank of England picks De La Rue, Australia's CCL for plastic banknotes

FILE PHOTO: The Bank of England and the Royal Exchange are seen in the City of London, Britain, February 7, 2019. REUTERS/Hannah McKay

LONDON (Reuters) - The Bank of England said on Tuesday it had awarded an eight-year contract to produce the polymer for a new plastic 50-pound banknote and future five and 10-pound notes to printers De La Rue of Britain and Australia’s CCL Secure.

CCL Secure, previously known as Innovia, is currently the sole producer of the polymer substrate for five and 10-pound notes.

De La Rue will provide 45% of the substrate for the initial launch stock of 50-pound notes, and CCL 55%, starting next year.

CCL and De La Rue will also supply substrate for future five and 10-pound notes.

De La Rue is currently responsible for printing all Bank of England notes at a BoE facility in eastern England.

Reporting by David Milliken; Editing by William Schomberg

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