The prospect of polymer notes has raised some concerns for the visually impaired, however, as the popular practice of folding or creasing notes in different ways to identify different denominations will no longer be possible.
Bank officials said that nearly 13,000 people responded: 87% approved of polymer notes, 6% disapproved and 7% were neutral.
Referring to a Bank of England statement that the more durable notes would reduce its production costs by £100m, he said: "All that will really occur following the introduction of polymer is a transfer of value from the private sector for a small public sector gain.
A two-month consultation has been launched ahead of a final decision in December and the potential introduction of the first polymer note in 2016 with the new £5, featuring Sir Winston Churchill.
The job is expected to go to either De La Rue, the existing maker of BoE notes, or Innovia, which manufactures most of the polymer notes currently in circulation around the world.
It is estimated that this will increase the lifespans of each of these notes considerably – the Bank of England also argues polymer notes are cleaner and more secure.
Our banknotes are repositories of the United Kingdom's collective memory and, like Churchill, our new polymer notes will stand the test of time".
The decision on polymer notes will mark the beginning of the end for 320 years of paper notes from the Bank.
Evidence from Australia and other countries such as New Zealand, Singapore, Mexico and Nigeria, where polymer notes are common, is that after their introduction counterfeiting reduced substantially.
