"There is a trace of tallow in the polymer pellets used in the base substrate of the polymer £5 notes," it confirmed.

More than 1,700 people so far have signed a petition demanding that the substance is no longer used in the production of the currency.

"The new £5 notes contain animal fat in the form of tallow. This is unacceptable to millions of vegans & vegetarians in the UK. We demand that you cease to use animal products in the production of currency that we have to use," the petition read.