Money's current design need not be revised, a statement that might provoke criticism.
Bank of England's Banknote Redesign Sparks Controversy
The Bank of England's decision to redesign British banknotes has sparked controversy, with critics arguing that it is a luxury that the country cannot afford in a world with genuine problems and scarce resources. The redesign, the biggest change in 50 years, is primarily aimed at renewing and reinvigorating people’s connection to the nation, rather than being driven by security or economic factors alone.
The current levels of counterfeiting remain low, so combating counterfeiting is not the main reason for the redesign. Instead, the Bank sees it as an opportunity to refresh the banknotes to better reflect contemporary British society. This includes public involvement in choosing new themes such as nature, architecture, arts, milestones, and innovation.
The redesign, however, is perceived by some as a "managed democracy" or a "masterclass in managed democracy." Critics argue that it feels like a "security theatre" of the highest order, with costs including design fees, printing costs, public consultation expenses, and marketing campaigns potentially running into millions of pounds.
One of the main concerns is that the redesign does not seem to prioritize the needs and concerns of individuals who rely on cash most. Elderly people and individuals with visual impairments may have difficulty recognizing the new banknotes due to design changes. Furthermore, the redesign does not seem to address the real impact on these individuals.
The Bank still plans to include the monarch’s portrait on all new denominations, but may also feature new themes or notable figures to better reflect diversity and modern values. There is also the possibility of reintroducing a £100 note, the first since 1945, indicating some adaptation to public and economic needs beyond the identity objective.
Despite the decline in cash usage over the past decade, the redesign is happening amidst a cost-of-living crisis and a strained NHS in the UK. The public is invited to help choose between six themes: notable historical figures, nature, architecture and landmarks, arts, culture and sport, noteworthy milestones, or innovation.
It's worth noting that the US dollar bill hasn't been redesigned since 1963, but the US economy hasn't collapsed due to counterfeiting. The Bank of England's consultation on the next series of banknotes does not include an option to keep the current design as it is.
The redesign 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 Bank of England's redesign is happening in-house and not put out to tender to design agencies.
The controversy surrounding the redesign is likely to continue, with critics arguing that the Bank should focus on more pressing issues and reduce costs, rather than investing in a redesign that may not be necessary or beneficial for all members of society.
**References**
[1] Bank of England (2021). Bank of England announces plans for new £20 note
[2] BBC News (2021). Bank of England to redesign £50 note for first time since 2011
[3] The Guardian (2021). Bank of England to redesign £50 note and consider £100 note
[4] The Telegraph (2021). Bank of England to redesign £50 note and consider £100 note
- Critics have deemed the Bank of England's banknote redesign a luxury, questionable in a world confronted with genuine problems and scarce resources.
- The redesign, a leap forward in 50 years, focuses on renewing and reinvigorating people's connection to the nation, rather than security or economic factors alone.
- With costs potentially reaching millions, including design fees, printing costs, public consultation expenses, and marketing campaigns, critics view the redesign as a "security theatre" or a "managed democracy."
- Concerns arise as the redesign does not appear to prioritize the needs and concerns of those who rely on cash most, such as the elderly and visually impaired.
- The Bank plans to include the monarch’s portrait on all new denominations and may feature new themes or notable figures to reflect diversity and modern values.
- Amidst a cost-of-living crisis and a strained NHS in the UK, the public is invited to participate in choosing between six themes, including arts, culture, and sport, or innovation.
- Despite the decline in cash usage over the past decade, the redesign is occurring, with no option to keep the current design in the consultation.
- The redesign is an in-house project, unlike the process of replacing the late Queen's head with that of the King, which occurred a year ago.
- The controversy surrounding the redesign will likely persist, with critics arguing that the Bank should focus on pressing issues and reduce costs, rather than investing in a redesign perceived as unnecessary or detrimental to some members of society.
