US currency is made of a cotton-linen blend, so (pedantically) it is not paper. Per US Currency Education Program [1], "it would take 4000 double folds, forwards and backwards, to tear a banknote". Is this insufficient for UK uses? In my wallet I currently have a couple hundred in US currency from years 2003 to 2014. None of them are falling apart. (The US Federal Reserve [2] estimates that US currency lasts between 4.7 and 22.9 years, depending on denomination.)
Given the societal shift to digital payments, cards, etc, is the UK hoping to create banknotes that last until the end of time or something? (If so, plastics are probably a great choice. But I'm guessing that indestructible bills will eventually become quite economical to counterfeit, so you'll still want to cycle through security measures every few years.)
[1] https://www.uscurrency.gov/about-us/currency-facts [2] https://www.federalreserve.gov/faqs/how-long-is-the-life-spa...