Despite facing protests by Hindu groups and vegetarians, the federal bank of England will continue to use its new notes that contain traces of tallow made from beef fat. After launching a public consultation on the material, the bank has stated that alternatives to the polymer notes, such as palm oil, were not feasible and also more expensive.
According to the India Times, the bank said in a statement: “The use of palm oil raises questions about environmental sustainability and the Bank’s suppliers have been unable to commit to sourcing the highest level of sustainable palm oil at this time. Value for money was also a consideration in the Bank’s decision.”
They further explained that the cost of shifting to a new type of production would rise to about 16.5 million pounds in the upcoming 10 years.
The bank cleared its stand in a statement: “The bank fully recognizes the concerns raised by members of the public, both prior to and during the consultation. The bank has had to balance these responses against its other public duties and priorities as well as the other evidence gathered over the past months.”
Interestingly if we look at the consultation report, 48 per cent were against the use of palm oil-derived additives and 88 per cent were against the use of animal-derived additives.