The Bank of England will announce plans on Wednesday to press ahead with switching to plastic banknotes. The decision on polymer notes will mark the beginning of the end for 320 years of paper notes from the Bank. The move by Threadneedle Street follows Bank governor Mark Carney, from Canada, where plastic notes are being rolled out, and Australia, where they have been in circulation for more than two decades.
Carney
launched a public consultation on polymer banknotes, seen as cleaner and more
durable, shortly after arriving at the Bank this summer. However, the Bank's
notes division has been considering plastic money for several years.
Bank
officials have been touring shopping centres and business groups around the
country with prototype notes to canvas public opinion and the final decision is
due this week.
The
Bank has promoted its polymer notes, featuring a see-through window and other
new security features as tougher to counterfeit. The Bank concedes no note is
counterfeit-proof but says the polymer notes will be slower and more expensive
to copy.
The
Bank also seeks to silence concerns about the environmental impact of printing
on plastic by suggesting they can last up to six times longer than the
cotton-paper notes in circulation at the moment. The durability will also
compensate for the higher production costs and save an estimated £100m, the
Bank claims.
The
initial plan is to introduce polymer notes one denomination at a time, with the
Churchill note in 2016 at the earliest and then the £10 note featuring Jane
Austen next in 2017. The notes will continue to feature the Queen and retain
their current colouring.
However,
the prospect of polymer notes has raised some concerns for the visually impaired
as the popular practice of folding or creasing notes in different ways to
identify different denominations will no longer be possible. Polymer notes can
be folded but will not stay tightly folded in a particular way.
Question 1 (2 points) Indicate whether the
following statements are true or false and write down which part of the text
justifies your answer.
a. Carney's idea is not a new one in European banks.
b. Sample notes have already been produced.
c. Plastic banknotes will be easier to copy.
d. The bank notes will undergo minor changes.
Question 2 (2 points) Answer the following
questions in your own words.
a. Why does the Bank consider plastic money
environmentally friendly?
b. Who is against plastic money and why?
Question 3 (1.5 points) Find words or phrases
in the text that correspond in meaning to the words and definitions given.
a. to change (par.1) b.
to start (par.2) c.
expected (par.3)
d. to admit (par.4) e.
actual, present (par.6)
Question 4 (1.5 points) Complete the following
sentences without changing the meaning.
a. The Bank concedes no note is counterfeit-proof but
says the polymer notes will be slower and more expensive to copy.
Although...
b. The Bank has
promoted its polymer notes.
Its...
c. “ The durability will also compensate for the
higher production costs and save an estimated £100m”, the Bank claimed.
The Bank claimed...
Question 5 (3 points) Write a short essay
(120-150 words) on the following topic:
Advantages and disadvantages of using credit cards.