People and Business: New life for old banknotes

THE BANK of England has tried many methods over the years of getting rid of old banknotes - burning, burying, shredding, granulating, even using them as compost.

Now a start-up company based in Watford has signed an exclusive contract with the Bank to turn our old fivers and tenners into writing paper.

"Money to Burn" is the brainchild of its chairman, Nick Bradfield, who set the company up 15 months ago with two friends, Rod McPherson, managing director, and Martyn Pedrick, sales and marketing.

Mr McPherson recalls that Mr Bradfield "was at home with flu and was watching television. He saw a programme about shredding banknotes, and wondered what happened to the remains. He rang the Bank of England, and they gave us a contract. They've been very helpful."

The company is now talking to major retailers about selling its range of "Sterling Stationery, a unique range of notepads, writing paper and envelopes containing authentic shreds of English currency totalling up to ten times the purchase price."

I suppose the moral is that watching daytime television isn't such a waste of time after all.