UNITED KINGDOM, March 30, 2017 (The Telegraph): The Bank of England has backed the use of palm oil in its new #20 note following a backlash from vegans and religious groups over the use of animal fat in the plastic #5 note. The Bank said the world’s most commonly used vegetable oil was the “only practical alternative” to tallow, following considerations about cost and availability. It said palm oil offered a “mature supply chain and is available at reasonable cost”.
The Bank has started “extensive testing” of palm oil to ensure it meets “technical and operational requirements.” The tests are expected to conclude this summer. The Bank has said it will not withdraw the current plastic #5 note, which was introduced last year. The new plastic #10 note this September will also contain tallow as 275m notes have already been printed.