CCL Secure, previously known as Innovia, is currently the sole producer of the polymer substrate for five and 10-pound notes.

De La Rue will provide 45pc of the substrate for the initial launch stock of 50-pound notes, and CCL 55pc, starting next year.

CCL and De La Rue will also supply substrate for future five and 10-pound notes.

De La Rue is currently responsible for printing all Bank of England notes at a BoE facility in eastern England.