Tallow, a substance rendered from animal fat, will continue to be used in future polymer banknotes issued by the Bank of England.
A press release issued by the Bank today has confirmed that there will be no change to the composition of polymer used for future banknotes.
The new £5 polymer banknote was first issued in September 2016, but complaints were made two months later by vegetarians, vegans and religious groups when it was discovered that trace elements of tallow were included in the banknote’s polymer substrate.
Tallow is a substance rendered from animal fat, normally beef or mutton, commonly used to make soap and candles.
Following the complaints, the Bank began consulting with its polymer supplier CCL Secure (previously Innovia Security) to find an alternative solution and embarked on an extensive public consultation.
With the Consultation now complete, today’s press release confirms that the Bank will continue to use the polymer substrate with the same composition as before, including trace elements of tallow.
This includes the new polymer £20 which is expected to be issued by 2020, as well as future runs of the latest £5 and £10 polymer banknotes.
The Bank says that their decision,
“reflects multiple considerations including the concerns raised by the public, the availability of environmentally sustainable alternatives, positions of our Central Bank peers, value for money, as well as the widespread use of animal-derived additives in everyday products, including alternative payment methods. In reaching its decision, the Bank has also taken account of its obligations under the Equality Act 2010”
Their research into an alternative substance to tallow revealed that the only currently viable option is to use chemicals derived from palm oil. This was put to the public via a Consultation, with 48% opposed to the suggestion. The use of palm oil has raised questions about environmental sustainability in recent years, which the Bank has taken into consideration.
In addition to opinions about palm oil, the Consultation found that 88% of respondents with an opinion were against the use of animal products. However, the Bank has said that it has balanced these responses against its other public duties, and priorities as well as other evidence gained during the past few months.
“HM Treasury advised the Bank that it does not believe switching to palm oil derivatives would achieve value for money for taxpayers.” statement from the Bank of England
The Bank has said that “it has not taken this decision lightly” and whilst it’s decision may not address the concerns of all parties, it has carefully considered the relevant factors and considered its objectives, which ultimately includes its “responsibility to maintain confidence in the currency through the issuance of high quality, secure banknotes and achieve value for money for taxpayers.”
To read the full press release, click here.
Related articles:
Vegetarians upset over use of tallow in polymer banknotes
Bank of England keeps animal fat tallow banknotes
