New notes cause veggie controversy

Posted by Sophie Regester in Personal Finance on 23 December 2016 - Sophie is a Senior Credit Analyst at checkmyfile.

Innovia, the maker of the new polymer £5 note is currently suffering some controversy as it recently came to light that it is not vegetarian-friendly.

The plastic polymer contains trace amounts of tallow traditionally obtained from beef, mutton and sometimes pork waste products. Tallow is often used as the base in soaps and candles but as it is being used in currency, an unavoidable product that people have to use, it has caused uproar in the vegetarian and vegan community. There is a petition circulating demanding the removal of the animal by-product from the notes and it is currently up to around 132,000 signatures and growing every day.

It isn’t just vegetarians and vegans who choose this way of life that are affected, there are those whose religion dictates what they cannot come into contact with. For instance, those who follow the Hindu religion regard cows as holy - which doesn’t really marry with the animal, even a small part of them, being folded up in their wallets. Sikh and Hindu temples ban the presence of meat and the tallow is regarded as such meaning that the currency should be banned from their places of worship. The Bank of England is aware of the situation which they are treating with the utmost seriousness and they say that Innovia is looking for solutions to replace the tallow in the notes.

Innovia is set to change hands as it is bought by Canadian based CCL for $1.13bn Canadian dollars, equal to £680m. Innovia make the majority of polymer bank notes worldwide and it is thought that this will tie in well with CCL’s existing products, as they currently specialise in labels and packaging. It is hoped that the change in ownership will not prevent the tallow issue being fully addressed, as I don’t think the millions of vegans, vegetarians, Jains, Hindus and Sikhs in the UK are going to let it lie.

Check Your Multi-Agency Credit Report

30 Day Free Trial

How does APR work? – Your questions answered

APR stands for Annual Percentage Rate and is a standard measure that allows you to compare the total cost of credit from different lenders.

Published on 30 Aug 2019 by Andrew Brown

Full Article

Check your Multi Agency Credit Report before the PPI deadline

The PPI deadline is at 11.59pm on Thursday 29 August. After this point, you can no longer submit applications to reclaim any PPI you are owed from lenders. If you’ve not done it, the time is now to check whether you are owed money. If you start your PPI application before the deadline, it’s still possible to reclaim what you’re owed.

Published on 28 Aug 2019 by Andrew Brown

Full Article

How interest rates are calculated

If you’ve ever applied for a form of credit, you may well have discovered to your cost that the advertised APR and the interest rate you’re offered if you are accepted can be very different things.

Published on 14 Jun 2019 by Richard Catlin

Full Article

The Importance of Proving Stability to Lenders

In addition to the key roles that your Credit History and Affordability play in determining whether or not you will be accepted for credit, we regularly talk about the importance of being able to demonstrate your ‘stability’ to potential lenders.

Published on 15 Mar 2019 by Sophie Regester

Full Article

If I Change My Name Can I Still Get Credit?

Legally changing your name is an increasingly popular thing to do in the UK: while getting married or divorced still makes up a large proportion of this, there is a growing trend towards people changing their name following civil partnerships, a change in gender, living in blended families, or simply because they’re seeking a change – the list is long.

Published on 22 Feb 2019 by Tom Magor

Full Article

Which Credit Report Information Can Landlords See

These days whenever you rent a property you may be required to pass checks set by the landlord or letting agent to prove that you will be a good tenant and that you’ll be able to reliably make rent payments to the property on time.

Published on 7 Feb 2019 by Kevin Pearce

Full Article

What Credit Checks Look For When You Switch Energy

As we get deeper into Winter, it’s inevitable that millions of consumers across the UK will end up using more energy and spending more on bills due to the colder weather and long stretches of darkness.

Published on 9 Jan 2019 by Jamie Mackenzie Smith

Full Article

Pros and cons of going paperless

Whether you are environmentally motivated or simply to get a discount for moving your billing online, you might find it makes sense to abandon paper for your business, if you haven’t already.

Published on 7 Dec 2018 by Kevin Pearce

Full Article

How To Get The Best Car Finance Deals

New car sales may have slowed in recent years, with the economy, emissions scandals and Millennials all being cited as the root cause at one point or another. But the number of people choosing to use credit as a means of driving away in a new car continues to rise, according to figures from the Finance & Leasing Association which shows that the new car finance market grew by 15% in July 2018 when compared to the previous year.

Published on 8 Oct 2018 by Kiah Phillips

Full Article

We're Now More Likely To Be Borrowers Than Savers

UK Households are now more likely to be borrowers than savers, with savings at their lowest since 1963, according to a study by the Office for National Statistics. Households are increasingly borrowing more – by taking out loans, car finance, and mortgages – than they are collectively depositing into savings accounts.

Published on 5 Oct 2018 by Sam Griffin

Full Article
keyboard_arrow_left

keyboard_arrow_right

We are rated number 1 for customer service on