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17/09/2015

Retailers face £237m bill for new bank notes

Experts have warned that the introduction of the new polymer bank notes from the Bank of England could cost retailers a substantial figure.

Analysis by CMSpi suggests that the need to adapt or purchase new ATMs and vending machines as well as returning old bank notes could cost UK businesses £236.5m, with retailers left to pick up the bill.

However the Bank of England has disputed these figures, stating that they have consulted with the BRC before implementing the change and are committed to working with retailers to ensure a smooth transaction. They also stated there would be costs associated with the switch, however, these would not be as significant as suggested.

The Bank of England has suggested that these changes will curb fraud and make notes more durable, saving taxpayers more money in the long run. The switch over is due to take place in the second half of 2016.

Source: The Grocer

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