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New £5 note means £20 million to Cumbria, says MP
Rory Stewart MP has welcomed the Bank of England's announcement that it is to enter into a contract with a Cumbrian firm following its decision to adopt polymer bank notes.
Innovia Security of Wigton has been chosen to help make a key ingredient of the new £5 and £10 notes which are capable of surviving a spin in the washing machine.
Mr Stewart, Conservative MP for Penrith and the Border, said the decision was a "major development for Cumbria" and means the company will now make a further £20m investment in its facilities.
Rory Stewart MP said: "This is amazing for Wigton, and amazing for Cumbria in terms of the national endorsement of our major strengths and innovations in the manufacturing world.
"It is always a pleasure to support such an innovative company at the very heart of my constituency. Let us build on this extremely exciting opportunity, and hope that it is the first of many contracts for a truly remarkable company and product."
The new 'opacification' plant is expected to be fully operational in early 2016.
It will produce the polymer 'substrate' required for the new Winston Churchill £5 note, which will be launched in 2016.
The Jane Austen £10 note will follow around a year later. The investment means upto 80 new jobs.
Mr David Beeby, chief executive officer of Innovia Group, said: “We are very proud to have been selected as the supplier of the polymer substrate for the new £5 and £10 bank notes.
"This decision not only recognises the benefits that polymer notes have to offer but also Innovia’s expertise in this field. ”
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