The Bank of England has announced that it has entered into eight-year contracts with both CCL Secure Limited and De La Rue to supply the polymer substrate for the next £50 banknote and for future production of the current £5 and £10 banknotes.
Under these contracts the first call-off volume for production of the initial launch stock of £50 has been awarded 55 per cent to CCL Secure Limited and 45 per cent to De La Rue International Limited.
The next call-off, which will cover the polymer £5 and £10, is expected to take place in 2020.
The Bank of England started a formal public procurement process in December 2018 for the supply of polymer substrate for the £5, £10, and £50.
The final decision to award contracts to CCL Secure and De La Rue was taken by the Court of the Bank of England.
Supply of polymer under the new contract will commence in 2020.
Within this process and after careful consideration, the Bank has decided that the composition of the polymer for the next £50 will be the same as the current £5, £10, and £20.