Banknotes remains unchanged despite criticism: no plans for a redesign
The Bank of England has announced a public consultation on the themes for the next series of banknotes, aiming to engage the public in a process that renews and reinvigorates national identity through banknote design. This initiative, which goes beyond just the transaction function of money, is intended to develop new security features that make counterfeiting more difficult.
Key reasons for the consultation include the need for security upgrades, the symbolic representation of shared heritage, culture, innovation, and landmarks, public engagement, and long-term planning. The consultation invites the public, including school children, to contribute ideas and feelings about what should represent the UK on banknotes, aiming to generate interest and capture imagination.
The new banknotes will incorporate advanced anti-counterfeiting technologies, ensuring the currency remains secure. Banknotes are considered a "calling card of the nation," serving as symbolic representations of the UK's shared heritage, culture, innovation, and landmarks. The consultation process is multi-year and involves many stages to ensure thoughtful and secure design aligned with societal values.
The public is invited to help choose between six pre-approved themes: notable historical figures, nature, architecture and landmarks, arts, culture and sport, noteworthy milestones, or innovation. However, it's worth noting that the redesign process seems to be happening in-house, and the Bank has not put the redesign out to tender to design agencies.
Some critics view the redesign as unnecessary and a luxury that can't be afforded in a world with genuine problems. The author compares the redesign to investing in a new sound system for a local Blockbuster, implying that it is not a pressing concern compared to more immediate issues like the cost-of-living crisis and NHS challenges.
Others question the authenticity of the consultation, calling it a "managed democracy." The redesign process is costly, including design fees, printing costs, public consultation expenses, and marketing campaigns. It's also causing problems for elderly people and those with visual impairments who have to relearn currency.
Despite these concerns, the Bank of England views maintaining secure, meaningful currency and involving citizens in the design as important ongoing national endeavors that transcend immediate crises. It is part of renewing public trust and connection to the currency as a symbol of national unity and innovation.
It's important to note that this consultation is not part of the process of replacing the late Queen's head with that of the King; that already happened a year ago. The author also notes that the pre-approved themes for the consultation sound focus-grouped and unoriginal.
In a separate article, the author defends government spending on redesigning things, but not in this case. The US economy hasn't collapsed under the weight of sophisticated counterfeiters armed with photocopiers, raising questions about the necessity of the redesign. The Bank of England's consultation on banknote themes is not inclusive of a seventh option to keep the current designs, leading some to feel that their voices are not being heard in the process.
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