Lichfield MP Michael Fabricant is calling for the return of the £1 note to help combat the rising problem of counterfeit cash.
A report by the BBC has claimed that one in 20 £1 coins in circulation are counterfeit – a shock rise from the one in 40 suggested by official figures.
And now Mr Fabricant has urged the Treasury to return to paper pounds to help combat the problem. He said:
“The US dollar is worth less than the pound yet it is a paper note rather than a coin. In Europe, there is growing evidence that the Euro coin is also being counterfeited.
“As the recession deepens, and counterfeiting is likely to increase, I believe that we should return to a one pound note phased over time to allow slot machines to be adapted accordingly.
“The note was originally withdrawn because of its relatively short life, but countries like Australia have introduced a plastic based note which is relatively inexpensive to manufacture, but has a long life. Technology and the counterfeiting trade means it’s now time to re-introduce the £1 note.
“Even I have been caught out! Some months ago I accidentally paid for a coffee in the Members’ Tea Room in the House of Commons with what turned out to be a counterfeit £1 coin made of lead. It was spotted by the ever vigilant House of Commons staff.”