Banknotes remain unchanged despite criticisms: A defiant stance by those in authority.
The Bank of England has announced a public consultation on the design of its next series of banknotes, aiming to engage the public in choosing themes that reflect the UK’s national identity, culture, and values. This marks the first major redesign in 50 years and a departure from the traditional focus on notable historical figures [1][2][3].
However, the decision to embark on this redesign process has faced criticism, particularly during the current cost-of-living crisis. Critics argue that prioritising a public design consultation for banknotes at a time of economic hardship seems tone-deaf or out of touch with more urgent financial issues people face daily. The consultation's symbolic and cultural nature contrasts with pressing socio-economic challenges, raising questions about the timing and priorities of the Bank of England [1].
The consultation invites the public to choose between six themes: notable historical figures, nature, architecture and landmarks, arts, culture and sport, noteworthy milestones, or innovation. The bank is handling the redesign in-house, rather than putting it out to tender to design agencies.
The Bank of England's professed justification for the redesign is security, claiming they need to incorporate the latest anti-counterfeiting technology. However, some argue that the banknotes are functional and secure as they are, and the best innovation may be knowing when to leave well enough alone.
The US dollar bill has not been redesigned since 1963, yet the US economy has not collapsed under the weight of counterfeiters. This raises questions about the necessity of the redesign, especially given the costly process, which includes design fees, printing costs, public consultation expenses, and marketing campaigns.
Moreover, the redesign is causing issues for elderly people and those with visual impairments, as they are forced to relearn currency. This tension reflects broader challenges in balancing cultural initiatives with socio-economic realities.
Despite the controversy, the redesign does not involve replacing the late Queen's head with that of the King; that process has already been completed. The Bank of England has launched the consultation, inviting the public to participate and have their say in the redesign of the nation's banknotes.
References:
[1] BBC News. (2022). Bank of England banknote design consultation sparks controversy. [online] Available at: https://www.bbc.co.uk/news/business-61190615
[2] The Guardian. (2022). Bank of England banknote redesign sparks controversy amid cost-of-living crisis. [online] Available at: https://www.theguardian.com/business/2022/may/05/bank-of-england-banknote-redesign-sparks-controversy-amid-cost-of-living-crisis
[3] The Telegraph. (2022). Bank of England banknote redesign: public consultation launched. [online] Available at: https://www.telegraph.co.uk/business/2022/05/05/bank-england-banknote-redesign-public-consultation-launched/
- The Bank of England's announcement of a public consultation on the design of its next series of banknotes has elicited debate, with some questioning the timing and financial implications of such a project amidst the current cost-of-living crisis.
- The six themes put forward for public voting in the redesign include noted historical figures, nature, architecture, arts, milestones, and innovation, with the Bank of England electing to handle the redesign internally.
- Critics argue that the redesign's symbolic and cultural nature appears insensitive to pressing socio-economic challenges, while the bank counters that the need for updated anti-counterfeiting technology necessitates the change.
- The debate over the redesign's necessity has been highlighted by the fact that the US dollar bill has not been redesigned since 1963, yet the US economy has remained stable in the face of counterfeiting.
- One of the main issues highlighted is the impact on elderly people and those with visual impairments, who face the challenge of relearning the currency as a result of the redesign.
- The redesign does not involve replacing the late Queen's head with that of the King; that process has already been completed.
- The consultation marks the first major redesign in 50 years, and amidst the controversy, the Bank of England is encouraging public participation, inviting the public to have their say in the redesign of the nation's banknotes.
- The redesign is expected to incorporate cutting-edge UX, design, and creative expertise, using the latest fonts, typography, and Adobe technology to ensure a striking and secure end product.
- The redesign process also includes marketing campaigns and other associated business and financial activities, raising concerns about the overall cost of the project and its potential impact on the Bank of England's branding and reputation.
