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Cumbrian man loses bid to ban animal fat in pound notes

140,000 people signed by petition via Change.org Credit: ITV Border

A former Cumbrian hotel worker who tried to stop animal fat being used in the new five pound notes, says he's disappointed that the Bank of England has decided to continue with the process.

Doug Maw, who's vegan, says his next step is a demonstration outside the Bank of England on 14 September 2017 - the day the new £10 goes into circulation:

The Bank of England are supposed to represent all of the British public. Their decision to continue using animal parts in the manufacture of polymer notes shows this to be untrue. 140,000 people signed by petition via Change.org and 88% of respondents to the Bank’s own consultation wanted animal parts removing, a process the Bank acknowledge they can do. The largest economy in the world (the USA) don’t use animal parts in their money so why should we?"

– Doug Maw

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New factory: 'securing Wigton's future'

The mayor of Wigton says a new factory, which will make the coating for plastic banknotes, will secure the town's future.

Construction is now underway on the £20 million factory owned by the Innovia Group, which will create 80 jobs.

Guardian, the polymer substrate that will be made at the factory, will be used to coat five and ten pound plastic bank notes.

The Bank of England will switch to these notes from 2016, and this factory in Wigton's at the heart of the changes:

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Treasury: Scottish Government needs a Plan B

Economics Editor Richard Edgar is in Edinburgh and listened to the Bank of England governor's speech on how a newly-independent Scotland could retain sterling:

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Carney's speech 'devastating' for Salmond's plans

Former chancellor Alistair Darling, who also leads the Better Together campaign to keep Scotland in the UK, said Bank of England governor Mark Carney's speech on currency union spells out stark problems.

Former chancellor Alistair Darling. Credit: David Cheskin/PA Wire

Mr Darling said: "This is a detailed speech but make no mistake - the governor's judgment on currency unions is devastating for Alex Salmond's currency plans. Why? Because the whole point of independence is to break the fiscal and political union that makes monetary union possible.

"The governor has spelled out in stark terms the problems of a currency union. Above all, it needs people living in the rest of the UK to agree to something they have never been asked about.

"As the governor makes clear, in a currency union both sides have to agree to each other's taxes, spending and borrowing. This is what is happening in the eurozone today.

"It is highly unlikely that the people living in the rest of the UK would agree to this. And remember, in a currency union like this, Scotland has 10% of GDP and the rest of the UK would have 90%. It is clear who would call the shots."

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Carney: A currency union means a loss of independence

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