The AVA has been informed by Justine Greening, Economic Secretary to the Treasury, that the implementation of the new 5p and 10p coins will be delayed until 1st January 2012.
This successful lobbying of the Government is fantastic news for the vending and coin machine industries because it allows them more time to update coin mechanisms, providing a saving of £16.8m to the vending industry – a real help in the current economic climate.
Speaking of their tremendous achievement, Jonathan Hilder, Chief Executive Officer, Automatic Vending Association made the following comment: “I’m absolutely delighted that this constructive dialogue with the Royal Mint and the Treasury has resulted in this common sense approach which is vital to the vending and other coin using industries. It’s a great sign that our economic arguments are being listened to and that with the right approach we can change policies that harm our industry.
“The Association’s established working relationships with both the Royal Mint and the Treasury will continue to be developed over the coming years, and will see further dividends in exploring how we can work together to reduce counterfeit £1 coins. It will also provide a better conduit of information for the Treasury and the Government to assist their understanding the vending industry of Great Britain.”