The Bank of England incurred costs exceeding £85,000 for research aimed at justifying the removal of historical British figures from banknotes. The research, conducted by external consultants, suggested that wildlife themes would be a more appropriate replacement for portraits of notable Britons such as Winston Churchill, Alan Turing, and Jane Austen.
According to findings revealed through a Freedom of Information request, the Bank spent £63,000 to support its decision to transition away from historical figures. A significant portion of this, £49,000, was paid to market research firm Savanta for focus groups that explored the implications of diverging from historical imagery on currency. An additional £22,500 was allocated to public consultations concerning the selection of animals for a new series of banknotes.
This shift marks an end to a tradition spanning over five decades, where prominent Britons have been featured alongside the monarch on sterling notes. Critics have voiced strong opposition to the move, with some describing it as 'bonkers' and others, like Conservative leader Kemi Badenoch, stating it amounts to 'erasing our history'.
The Bank of England has characterized the decision as a 'positive evolution' rather than an act of 'censorship' or 'cancellation' of history. The rationale behind the research indicated that historical figures might be perceived as 'elitist and divisive' and could project a 'backward-looking vision of the UK'.
Current banknotes feature Winston Churchill on the £5 note, Jane Austen on the £10 note, J.M.W. Turner on the £20 note, and Alan Turing on the £50 note. The proposed new series would replace these with designs centered on nature.
Savanta was reportedly chosen for its services following a competitive evaluation process, assessed on criteria including value for money. The Bank stated that no external research expenditure was incurred during the public consultation phase itself, though internal staff time was not itemized. Over 400,000 public votes were cast in the consultation on a shortlist of nature-themed options, which was curated by a panel of wildlife experts. The shortlist included various mammals, birds, and aquatic life. The Bank's governor, Andrew Bailey, is expected to finalize the selection of animals by the end of the year.
A Bank of England spokesperson noted that the public consultation received 44,000 responses, with nature emerging as the most frequently nominated theme. This theme also received positive feedback during Bank-commissioned focus groups conducted after the initial public consultation results were analyzed.
The practice of featuring historical figures on banknotes began over 50 years ago, with William Shakespeare appearing on the £20 note in 1970. The Bank has previously faced controversy regarding banknote designs, including public pressure to include more women, which led to Jane Austen's appearance in 2017. The institution has also addressed historical associations with the slave trade, including removing displays of governors and directors with ties to the trade in the 18th and 19th centuries.