Michael Fabricant is asking the Treasury to return to the one pound note following news that as many as 20% of £1 coins are counterfeit. "The US dollar is worth less than the pound yet it is a paper note rather than a coin. In Europe, there is growing evidence that the Euro coin is also being counterfeited", says Michael.

"As the recession deepens, and counterfeiting is likely to increase, I believe that we should return to a one pound note phased over time to allow slot machines to be adapted accordingly.

"The note was originally withdrawn because of its relatively short life, but countries like Australia have introduced a plastic based note which is relatively inexpensive to manufacture, but has a long life. Technology and the counterfeiting trade means it’s now time to re-introduce the £1 note.

"Even I have been caught out! Some months ago I accidentally paid for a coffee in the Members’ Tea Room in the House of Commons with what turned out to be a counterfeit £1 coin made of lead. It was spotted by the ever vigilant House of Commons staff."