New plastic banknotes will enter circulation from 2016, signalling the beginning of the end for the UK's traditional paper notes, the Bank of England is expected to confirm.
The Central Bank has been consulting on plans to switch to polymer notes since the summer, and its findings are due to be published later today.
It is believed that the new notes will be introduced one denomination at a time, starting with the £5 note featuring Sir Winston Churchill in 2016. This could be followed by the £10 note, probably in 2017, on which Jane Austen will replace the face of Charles Darwin.
The notes will continue to feature the Queen and retain their current colouring.