For those who might be concerned about the change, let me reassure you that the new polymer notes will retain the familiar look of Bank of England banknotes, including of course the portrait of Her Majesty the Queen, as well as depictions of historical characters of national significance. That continuity of design helps explain why people who have had a chance to handle specimen notes were even more likely to view polymer favourably. The depiction of historical characters will remain an integral feature of our banknotes, providing an opportunity to celebrate individuals that have shaped the United Kingdom. In  BIS central bankers’ speeches  1  order to ensure public confidence in banknotes, it is essential that the choice of characters commands broad public respect and legitimacy. That is why in July, at the same time as announcing that Jane Austen would feature on the new £ note, I promised that we would review the way in which the characters featured on banknotes are selected. Today we are announcing a new set of principles to guide the choice of characters and a new process to ensure that those principles are, and are seen to be, followed. The new principles for character selection state clearly and positively the Bank’s aims in using historic characters on our notes. They put diversity and inclusivity at the heart of the selection criteria. And they make clear our intention to portray a diverse range of characters over time, with each new decision taking into account previous choices.
It will be followed around a year later by a polymer £ note featuring Jane Austen. The decision to move to polymer for these notes follows a three-year review and a broad public consultation exercise. Our research has shown a compelling case for polymer notes. Polymer notes bring three main benefits: •  They stay cleaner than paper banknotes because they are resistant to dirt and moisture;  •  They are more secure because they incorporate advanced security features that make them difficult to counterfeit;  •  And they are more durable, lasting at least 2½ times as long as paper banknotes, ensuring that notes in circulation remain of high quality. Because replacements are needed less often they are both cheaper over time, and more environmentally friendly. These advantages mean that a switch to polymer is a natural step in the evolution of banknote design. But you don’t have to take our word for it. Nearly 13000 people have told us what they thought, in surveys and at over 40 events up and down the UK, and 87% – the vast majority – were in favour of polymer notes, especially once they had a chance to see and handle prototype notes. After that public consultation, we’re confident that the switch to polymer will have broad public support.