Last year, the Bank of England announced that it would print the next £5 and £10 banknotes on polymer. The Bank revealed Friday that it has entered into a contract with Innovia Security to supply the polymer material for the new-style £5 and £10 notes.
Innovia will establish a plant in Wigton, Cumbria, to produce polymer for the banknotes. The plant will be operational beginning in 2016.
The Bank of England will continue to produce the actual banknotes at its printing works in Debden, Essex.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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