Bank of England issues update as £5, £10, £20 and £50 notes to get big change | Personal Finance | Finance
The Bank of England has issued an update on the potential designs on the next series of banknotes. It will be the first major redesign of notes in 50 years, with notable figures such as Sir Winston Churchill on the current fiver potentially on the way out.
The Bank of England recently asked for public views on potential new themes and has received thousands of responses. A high volume of the ideas came from young people despite evidence showing they are less likely to use cash. The Bank has released some examples of designs it has received, including the Sycamore Gap Tree.
Victoria Cleland, the Bank of England’s chief cashier, said: “We have had many thousands of responses and lots of interest and engagement from young people too. The reaction shows how important banknotes are as way to celebrate the UK and how much we have to celebrate.”
She added: “People have engaged strongly with our six suggested themes, and within these have suggested a wide range ideas, from engineering achievements to folklore and mythology to transport.”
The next series of banknotes will continue to include an image of the monarch, King Charles III. As reported by the BBC, the governor of the Bank of England, Andrew Bailey, will have the final say on what exactly features on the notes.
The monarch has featured on notes since 1960, as well as historical figures such as William Shakespeare and Sir Winston Churchill. However, the Bank is now proposing new themes including landmarks, arts, culture, sport, and innovation.
Themes such as noteworthy events in history and nature, which will celebrate plants, animals and natural landscapes, are also a possibility. In Europe, banknotes typically feature architectural styles while notes in Scotland and Northern Ireland include images of landmarks and animals.
The Bank of England said in their appeal: “As we begin to design the next series of banknotes, we invite you to share your views on potential themes. Our banknotes have celebrated notable historical figures since 1970, when William Shakespeare became the first person other than the monarch to feature on a banknote.
“However, there are many ways to represent the UK. We have identified six potential themes for our next series of banknotes:
- notable historical figures
- nature
- architecture and landmarks
- arts, culture and sport
- noteworthy milestones
- innovation.”