Britain has today announced a new budget - and along with it a newly-designed £1 coin. But how new is it?

The UK Treasury says the high-tech coin will be the hardest in the world for criminals to copy.

"After 30 years loyal service, the time is right to retire the current £1 coin, and replace it with the most secure coin in the world" a spokesman said.

"With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters, it's vital that we keep several paces ahead of the criminals to maintain the integrity of our currency" he added.

The Royal Mint says that about 3% of all current £1 coins in Britain are forgeries, with the level as high as 5% in some parts.

But does it resemble our €1? It will be coloured gold and silver - quite similar to the €1.

The new £1 will have the face of Queen Elizabeth II on the heads side - but there is to be a public competition to decide the design for the tails side.

And the new design also means that vending machines and parking meters across Britain will have to be overhauled.