According to latest reports, the UK authorities are planning to replace traditional paper bank notes with new plastic currency notes from 2016 that will be harder to makeover.

The UK's central bank, the Bank of England said that the plastic notes will have longer life and will be protected against damage. The UK economy will be the latest and one of the leading economies to move to more durable polymer material for bank notes. The authorities conducted a survey in which about 87 per cent of the respondents said that they agree with the change in the bank notes in the country.

Estimates showed that the move to plastic notes will result in savings of£100 million during a decade. The government will release five-pound notes in 2016 and£10 notes will be rleased on the following year. Such notes were first adopted by Australia in 1988 are now in use in more than 20 countries around the world.

Mr. Carney said, "Our polymer notes will combine the best of progress and tradition. We have a bit of an issue in this country with the tattiness of notes over time. You think about the £5 note: Quite often you get one you want to get rid of it as quickly as possible."