By Daniel Hunter

A Cumbria-based company has been confirmed as the producer of the new £5 and £10 plastic bank notes.

The packaging business, Innovia, which owns the bank note specialist Securency International, had long been tipped as a favourite for the contract.

Yesterday (Wednesday) the Bank of England confirmed plastic notes would be introduced in 2016 and expects to enter a contract with Innovia Security to supply the polymer material. Innovia would establish a polymer production plant in Wigton, near Carlisle in 2016.

Following the news, Innovia has announced it is to invest £20m and take on 80 staff. They said the plant will require an investment of £20m, as well as another £20m investment in its packaging facility announced in August. It will first supply the material for the Winston Churchill £5 note and the Jane Austen £10 note will follow a year later.

Chief executive David Beeby said: "We are very proud to have been selected as the preferred supplier of the polymer substrate for the new £5 and £10 bank notes. This decision not only recognises the benefits that polymer notes have to offer but also Innovia's expertise in this field."

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