Latest news with #VictoriaCleland
The Guardian
15-07-2025
- Business
- The Guardian
To hoard or not to hoard? UK consumers on the pros and cons of cash
It was while walking to his local Co-op that Ty, a 27-year-old student in Brighton, noticed a strangely long queue for the cashpoint. In the shop, a staff member told Ty the payment systems were down after a cyber-attack. It was cash only. But Ty didn't need to join the queue. Instead, he felt vindicated. It was another instance that justified his recent switch to using physical currency instead of digital payments. 'I've started in the last few months to favour cash again, using it almost exclusively, to the point where I refuse to shop in places that take card only,' he says. Ty is one of a number of people in the UK who have turned back to banknotes in recent years. Despite cash being used for only 12% of UK payments in 2023, collapsing from 51% in 2013, according to UK Finance, data from the Bank of England suggests the value of banknotes in circulation has jumped 23% since before the pandemic. The Bank's chief cashier, Victoria Cleland, has said UK households are building cash contingency pots as they did during the pandemic and cost of living crisis in response to high-profile incidents such as the recent energy blackout in Spain and Portugal and the cyber-attacks on Marks & Spencer, The Co-op and Harrods. Repeated IT outages at Britain's largest banks and building societies will not have helped consumer confidence in under-pressure digital systems. Ty says: 'Unlike card, cash is private and doesn't leave data about the purchase, it doesn't cost the merchant transaction fees, it's easier to manage owing to its physicality – using a card makes spending too easy – and it won't fail you in the event of a systems outage.' Ty's preference for cash began while working at a building society. He says he witnessed first-hand that, if the electronic systems went down, it was 'exceedingly difficult to do anything', which made him doubt the reliability of modern payment methods. For David, it was being in Granada when Spain's energy blackout struck that changed his behaviour. He says there was a sense of uncertainty about power returning, and that 'if you didn't have cash you weren't going to eat or drink and the ATMs were down'. The retired 64-year-old, who is based in Bury, had a little cash on him so he was able to buy a warm beer from an out-of-action fridge. David says he had switched to become a cashless household in recent years, but since experiencing the blackout he has taken out physical currency. 'We now have cash easily accessible at home just in case,' he says. The preference for cash is so strong for Annie*, in her early 40s and living in East Sussex, that she walks out of businesses which are card-only. 'I love cash,' she says. 'It's reliable and doesn't break like electronic payment systems, which seem to be breaking, crashing and going down more and more these days.' Annie says her mother feels the same way, and recently, while in Lewes, the pair visited – and left – several cafes before finding one that accepted cash. She says the decision showed her displeasure at what in her view is a slow creep towards a cashless society, which she feels is 'heading down the wrong track' and erasing freedom of choice. 'It's like making a stand,' she says. 'I know it's just me, one lonely little person … At the moment, I feel like it probably isn't making a difference. But it's my own principles and morals. I don't want to see the death of cash.' Nearly 33m withdrawals were made from Nationwide's ATMs last year, up 4.6% on 2023 and building on budgeting trends seen during the cost of living crisis such as 'cash stuffing'. Not everyone, however, is convinced that a return to cash is necessary. Dave, a 61-year-old in Preston, hates using physical money. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'I just found the whole business – of carrying cash, extracting cash from cash points, ending up with pockets full of change, throwing it into jars when you got home – just nonsense,' he says. 'Pockets are thin cotton. You shove a load of metal in there, it weighs down and wears out your pocket.' He was happy to jettison notes and coins and feels that 'people panic too much' about a potential emergency. 'If the infrastructure went down for a week I might worry about it,' he says, and he does keep about £100 in the house. 'But I'm not hoarding money just for the sake of hoarding money.' In Essex, Ruth's distaste for cash and fondness for Apple Pay – 'it's so convenient' – meant she travelled to Italy's Amalfi coast for a family holiday last year without taking out any euros for the trip. She didn't use cash once in Italy, and barely even used her bank card. 'The only time I used my card was when I actually paid for the hotel,' she says, and she could barely recall her pin number. Ruth, a 63-year-old social housing worker in Essex, says handling cash is too inconvenient. 'I hate [it] if I get coppers or 5ps. I think, what do you do with them? I feel like throwing them away,' she says. 'As much as many of my friends scowl, I actually like being cashless.' Ruth also says that 'some, not all' people she's aware of who prefer to use only cash 'are doing dodgy deals, tax avoidance'. Seeing the blackout and chaos in Spain and Portugal, however, has meant she plans to take about €400 (£345) in cash for her next holiday, just in case. And she did find cash useful when teaching her children maths, letting them go to the shops and keep the change if they counted it correctly. After the Iberian blackout, she also took out £100 for emergencies. 'I put it in the cupboard,' she says. *Some names changed.
BBC News
03-07-2025
- Business
- BBC News
Your new banknote ideas - from British Bulldogs to Fawlty Towers
While cash might not be as popular as it once was, the opportunity to fashion the next series of banknotes has got brains whirring and tails a day of reporting on the Bank of England's public invitation to influence a major redesign of banknotes, there were more than 2,000 responses to Your Voice, Your BBC on the the British Bulldog, pictured on Cawsand Beach in Cornwall, will be one of the least likely contenders, despite being described as a "national treasure" by his owner Julie, from animals and nature, as well as railways and TV nostalgia have featured strongly among the ideas. Images of historical characters, starting with William Shakespeare, have featured on Bank of England notes since the Bank's chief cashier Victoria Cleland has suggested images on the next set of £5, £10, £20 and £50 notes could stick with notable figures of the past or move on to a new theme, as is seen on banknotes issued in Scotland, Nothern Ireland and around the Bank is giving people a month to select from certain themes, such as architecture, innovation or the arts, or suggest their own Bank has not commented on the number of entries so far, but - if responses to the BBC are anything to go by - they are likely to be inundated. Great ships Among the themes to be suggested was a celebration of the UK's maritime Mary Rose, HMS Belfast, HMS Trincomalee, HMS Victory, Cutty Sark, and the SS Great Britain are all worthy of a place on a banknote, according to Hilary in from Bristol goes further. "I don't just mean the spectacularly beautiful clipper ships, and instantly recognisable liners, but perhaps some of the lesser known vessels trading with Commonwealth countries, or oil rig support vessels working hard in the North Sea," he wrote. Famous landmarks There are appeals for the themes and choices to represent the whole of the Angel of the North is a regular suggestion, and areas of natural beauty such as the Yorkshire in Salisbury thinks using tourist sites on banknotes could bring benefits."Tourists come to England to see the main sites such as Stonehenge, Buckingham Palace, the Queen Elizabeth Tower etc," he says."If the banknotes showed these pictures then they would be more likely to visit the site, hold one up when taking a photo, and maybe even taking the note home as a souvenir." Classic TV characters Nostalgia features heavily, bringing a more recent historical outlook to notes that have carried images of people from the past for more than 50 years."Some classic British children's TV characters like Willow The Wisp, Bagpuss, or even a collection of them would make me smile," says Steve in Cardiff. "Likewise I think some classic British TV could be represented, like The Bill - no pun intended - or Casualty, soap operas or even comedies like Fawlty Towers. Television has been a large part of life for many people growing up and I'm sure, people would appreciate a bit of nostalgia on the notes." Vintage trains Nostalgia for the railways and "local and meaningful" stations also features in responses."With the 200 years of the railway in Britain being celebrated, it seems a shame not to celebrate that considering we gave railways to the world," says Ian in Derby. A mobile phone? Despite the wide range of options, some people are keen to stick to the way key figures in history are honoured on banknotes."Having looked at all the options I really do think that historical figures should still be number one choice. Might it be possible to include Diana Princess of Wales somewhere?" asks Elizabeth, from with cash used in only 12% of transactions, some say the time and effort involved in a huge overhaul of notes is unnecessary. "We are sadly faced with the prospect of a cashless society, with so many places refusing to accept my cash, so I have to wonder, why bother changing the design?" says Dawn in in Leighton Buzzard is much more blunt. "I would suggest that the new banknotes look like a mobile phone because that is how people are used to paying," he says. People can submit their views via an online form on the Bank's website, or by post, by the end of final decision on what exactly features on a banknote lies with the Bank's governor. Additional reporting by Bernadette McCague
Telegraph
03-07-2025
- Business
- Telegraph
Avoid David Attenborough (and other ways to ensure our new banknotes won't cause offence)
You might have thought the Bank of England has enough to get on with this week. The pound has been in freefall. Gilts are tumbling. The Chancellor's in tears. And yet over on Threadneedle Street, the keepers of the purse have decided to focus on radically redesigning British banknotes. So farewell, Winston, Jane, JMW and Alan Turing. It's time for a revolution. The King will stay (which is fair enough, he's only just got on there after a long wait), but the Bank of England has identified six potential themes for the reverse: notable historical figures; nature; architecture and landmarks; arts, culture and sport; noteworthy milestones; innovation. And fatally, they want the public to help. Victoria Cleland, the bank's 'chief cashier', or Cashier Number One, please, says she is 'really keen to hear what themes the public would like to see represented'. This is obviously foolhardy. Cleland surely knows that when the public is asked for its opinion in this country, it only ends one of two ways: in nobody taking it remotely seriously, or all-out civil war. To put it another way, Boaty McBoatface or Brexit. Democracy's not always the best worst option. This being 2025, the word 'diversity' was uttered by Cleland in her statement about how they might refresh things – and instantly sets the Bank of England up to fail. Within hours, Jacob Rees-Mogg was triggered. The bank's plans, he said, 'show a lack of confidence in the nation and a supine kowtowing to the gods of political correctness'. In these febrile times, the D-word is fraught. Could any design possibly be met with universal approval? Is any figure, natural feature, building, cultural pastime or invention impervious to criticism? Another image of King Charles, but gurning He's already on one side, why not give him the other? Except this time, make it… cheeky. 'And now let's do a fun one, shall we?' is the primary move from the photographer playbook, and we might consider it for our banknotes. So there's the usual Charles, all solemn and sovereign, with a look that says, 'spend me wisely'. Flip him over and what do we have here? Charles, but winking. Charles, but doing the Dr Evil finger? Charles, but gurning in a horse collar. Charles, but seductively biting his lip. Why it couldn't possibly be this: Well, republicans might take issue at not being able to escape the monarchy. As might the Palace, if said expression was unflattering or deemed too seductive. Still, it's worth sounding them out. The same image of Churchill, but with a twist We know that, these days, lots of people take issue with Sir Winston Churchill because of complicated aspects of his legacy. We also know that removing any depiction of Churchill – statue, bust, painting, nodding dog – is treated as a capital crime. The solution? Have the great man issue a blanket, posthumous apology with a speech bubble reading: 'Sorry about all the bad stuff.' All bases covered. Why it couldn't possibly be this: I sense this might cause ructions among those who take a less negative view of Churchill's legacy. An AI-generated bucolic scene The Bank of England is calling for suggestions relating to nature, architecture and landmarks, but there's no way you'll please everyone with a picture of an oak tree, or the Bristol Suspension Bridge, or Gloucester services, or a cow. Few countries are pettier in their regional rivalries than Britain; few industries are bitchier than architecture; hardly any activists are louder than animal-rights ones; and, trust me, nothing causes greater arguments in the pub than ranking motorway service stations. The safest bet is to use AI to create an entirely fake bucolic scene, then just never tell anybody it's not a real place and let the internet go insane trying to work out where it is. Why it couldn't possibly be this: If it leaked, the Stop Killer Robots coalition, or We Need To Pause AI, or Stop AI Stealing the Show, all of which campaign against artificial intelligence, would never let this get off the ground. The song You to Me Are Everything by The Real Thing Culture and arts, you say? Here's the idea: we find a song that is versatile, beloved, or at least universally tolerated, and then, using the technology employed in singing birthday cards, have it play from the £20 every time it's exposed to air. (Not just play all the time, that'd be mental). After a long and exhaustive search, the best – no, only – song to fit the bill is the 1976 soul hit You to Me Are Everything by the Liverpudlian group The Real Thing. Why it couldn't possibly be this: Royalty payments could prove dear. Also, The Real Thing once played in apartheid-era South Africa. Memories are long; Google is deep. But mainly it's the royalties thing. Just a blank space Go on, who could ever take issue with that? Why it couldn't possibly be this: Backlash from kenophobics, people who suffer from an anxiety disorder characterised 'by an intense and irrational fear of voids or empty spaces, such as empty rooms, vast landscapes, or even the concept of nothingness' could be very loud. Bradley Walsh As a society, we have come to accept and make peace with the fact that Bradley Walsh's face simply appears on everything: daytime TV, evening TV, adverts, our nightmares, occasionally out in the real world if he's ever not recording a game show. This sense of national ennui could be harnessed by the Bank of England. It would not be a case of, 'Wait, is that Bradley Walsh from The Chase on that £20 you just used?' We would instead see Walsh's face and simply think nothing, our brains subconsciously registering, 'There's Bradley Walsh, of course'. Why it couldn't possibly be this: Romesh Ranganathan, Claudia Winkleman and Paddy McGuinness's agents might feel put out. Yvonne We raffle it. We keep the economy afloat by turning the Bank of England into an Omaze-style lottery, with the prize being the chance to appear on a note. So the winner could, for instance, be Yvonne, a heroically plain woman who works as a travel agent in Bridgnorth. You don't know her, and that is the point. Why it couldn't possibly be this: Yvonne posted some incredibly questionable tweets in 2012. A scratch and sniff of a fresh, early summer's day Another one for the designers, especially if they crack the musical note thing. Every note could contain the aroma of a late spring, early summer morning, when the wildflowers are yawning into life, the dawn chorus is reaching its crescendo and the day feels full of opportunity. Scratch, huff, spend. Lovely. Why it couldn't possibly be this: Hayfever sufferers would be triggered every time they buy a pint of milk. Just a grainy drawing of a custard cream We're into the innovation category now, and have the opportunity to celebrate an icon. Nobody has ever turned down the offer of a custard cream and nor should they, because it's the people's biscuit – cheap, cheerful, no airs and graces, and interesting enough to look like Rich Tea and Digestive's effete uncle. What an invention. Why it couldn't possibly be this: In the age of Ozempic? Chance in a million. And believe it or not, there are custard cream haters out there. 'Your custard cream could be calamitous: It's one of the nation's guiltiest pleasures… but the dangers that may lurk beneath take the biscuit,' wrote the Daily Mail five years ago. Those dangers? According to Mindlab International, a research group, the custard cream is Britain's most hazardous biscuit, judging by the number of accidents it's involved in. Dunking, choking, scalding. They're weapons. Sir David Attenborough The man YouGov declared the most popular person in Britain? The man voted the greatest British TV presenter of all time? Who was named, along with James Bond and Queen Elizabeth II, the greatest UK icon? If he can't get on our money, who can? Why it couldn't possibly be this: Just wait until the victim support group for those iguana hatchlings left to be slain by racer snakes on Planet Earth II hears about this. A tiny, tiny mirror This may just be it – the only way to guarantee everyone in the country is pleased when they look at their banknote. Society reflected back at itself. Got a problem? You need to take a good look at yourself, mate. Quite how this is possible, structurally, is one for the Mint.
Finextra
03-07-2025
- Business
- Finextra
The Bank of England crowdsources ieas for new banknote design
The Bank of England is asking the public to give their views on what theme they would like to see represented in the design of the next series of banknotes. 0 Our banknotes have showcased notable historical figures since 1970, when William Shakespeare became the first person other than the monarch to feature on a Bank of England banknote. There are many ways to represent the UK on our banknotes. The consultation gives people the opportunity to express their views on what theme they would like us to feature on the next series of our banknotes. The six potential themes we have identified include: notable historical figures architecture and landmarks arts, culture and sport noteworthy events in history innovation nature The public can also suggest other themes for the Bank to consider. Victoria Cleland, the Bank of England's Chief Cashier, said: 'Banknotes are more than just an important means of payment - they serve as a symbolic representation of our collective national identity and an opportunity to celebrate the UK. I am really keen to hear what themes the public would like to see represented on the next series of notes.' The next series of banknotes will feature a portrait of the monarch, regardless of the selected theme(s). Banknotes are complex and it is a detailed, multi-year process to design, test and print them, to ensure they are high-quality, resilient and accessible. Depending on which theme is selected, we may seek further feedback from the public on the specific images that could be used to show the chosen theme. We will keep the public updated, including announcing the final note designs in due course. Notes to editors The consultation closes at 11.59pm on 31 July 2025. We are seeking responses in particular from UK residents and British citizens living abroad. They can be submitted via an online form on the Bank's website or by post. Examples for images depicting the six potential themes included in the consultation paper include: notable historical figures: This theme, which is used on our current series, could be depicted by portraits of specific historical figures who have made an important contribution to UK society and culture. We will not represent living people on our banknotes, with the exception of the monarch. architecture and landmarks: This theme could be depicted by images of iconic buildings and other places, such as castles, bridges or heritage sites across the UK. arts, culture and sport: This theme could be depicted by images of the arts, music, literature, customs, food, film, television or sport which define the UK. noteworthy events in history: This theme could be depicted by images of important events and movements which have shaped the UK. innovation: This theme could be depicted by images of important advancements, technologies, discoveries or ideas developed in the UK. nature: This theme could be depicted by images of native plants, animals, or natural landscapes such as rivers, lakes, mountains or coastal scenes from around the UK. 3. The first of the current G Series notes was the £5 issued in September 2016. This was followed by the £10 in September 2017, the £20 in February 2020 and the £50 note in June 2021. 4. While cash use has declined over the past decade, it is still the preferred payment method for around one in five people and used by many more. The Bank is committed to providing cash for those who wish to use it. 5. WeTransfer link to graphic for the consultation Opens in a new window, which may be a useful visual resource.
Spectator
03-07-2025
- Business
- Spectator
Is it time to put Margaret Thatcher on our banknotes?
The Bank of England wants to rethink banknotes and has announced a public consultation in order to generate suggestions about what to put on them. 'Banknotes are more than just an important means of payment,' declares Victoria Cleland, the Bank's chief cashier, whose signature is on notes. 'They serve as a symbolic representation of our collective national identity and an opportunity to celebrate the UK.' So, who should we put on our next banknotes? My vote, 35 years after she left office, would be to put Margaret Thatcher on the ten pound note. The 'Maggie' would become the go-to note. How better to celebrate a free-marketeer and our first woman prime minister – a committed monetarist at that – who also helped defeat Communism, than with a note of her own? Talk about putting money where her mouth was. Putting Thatcher on our banknotes would ensure that we continue the tradition of being able to gaze upon the scrunched-up visage of a noble or great personage from our past, every time we reach into our pockets to pay for something, however mundane. Consider Sir Christopher Wren, bewigged and magisterial on the old, enormous, copper-coloured fifty (from 1981 to 1994). Or what about Charles Darwin (2000-2018) on the less recently out of date tenner? Then there was Wellington (1971-1990) on the old grey fiver, the one that had the Queen in seventies Silver Jubilee pomp. These were banknotes that fizzed with pride and self-assurance. In the years since, our currency has worn Charles Dickens, Elizabeth Fry, Turner and Churchill. Every one of them made you feel slightly better about the world, one financial exchange at a time. So good they have been, in fact, that you might argue that choosing who to put on the banknotes is one of the things that the Bank of England has actually got right in recent decades. But now they think we might want something different – not necessarily people, though they are good enough for our American friends and their precious Greenbacks. Is this a desire to ape the bland architectural motifs of the euro notes? Or is it that in our modern times, since so many figures of English and British history have been 'problematised', it's simply easier to do without them at all? Erasing the past is easier than understanding it. After all, if like public museums our notes need to be 'decolonised' that poses problems for figures such as Sir Francis Drake or even good old Sir Winston – and just remember what he did to the French navy, too … tut-tut, that's no good for Anglo-French relations either. Then there's the inevitable issue of diversity that comes from history. It was back in 2013 that people were upset about the lack of women on our notes – except for the Queen, of course, who was on all of them. So that got fixed, thanks in part to Jane Austen, who arrived on the tenner in 2017. But still, women are represented in proportion to the demographic reality. And what about representation from Britain's ethnic minorities and the disabled? The problem is that, with only four notes to go with, you can't possibly tick every box, so someone gets let down, unlike – say, the casting of EastEnders or the television news where you can scrupulously try to enforce a quota so everyone feels included. There are, however, potential solutions without resorting to bland pictures of road and rail infrastructure: you could introduce more notes, such as a £100 note to account for inflation (about which I've written on Coffee House). Perhaps even a £200 note; that way you have more notes to go around to represent different groups. Or you could, of course, just retreat altogether and decorate banknotes with something else, like Mini Metros or pictures of new towns like Harlow or Milton Keynes, or public buildings, or HS2 or even ships. The Titanic would be popular. The fact is that none of it quite floats the boat like the human connection with great individuals and inspiring lives. 'Things' are not what make our nation great, it's the people – the statesmen, artists, scientists, the writers, the businessmen. So, who should join Thatcher on our banknotes? Would it be acceptable to adorn the £5 note with Mahatma Gandhi? He's a pretty different successor to Sir Winston in the fiver slot, wouldn't you agree? He was, after all, a British subject for 77 of his 78 years, and if we wish to appropriately cleanse ourselves of our colonial past (which, of course, we do), then who could be better than the visionary who successfully drove the British out of India, armed only with a spinning wheel? It would surely also be popular with many Britons of south Asian descent, too. And if we want to celebrate the role of women in our society, why don't we put JK Rowling on the £20? She isn't just a global literary phenomenon, but she's a philanthropist of the highest order. She is also unarguably a determined champion of women's rights. It would be a positive move for the union, too, for the Bank of England to go for a Scot. That leaves us with the £50. My vote would be the Queen. Not the current Queen, much as I like her, but the Queen that made us and whose reign still defines us. A 'QE2′ would be a fine fifty. But whatever we end up doing with our bank notes, we shouldn't resort to profiles of bridges or the outline of buildings, drawings with all the soul of architects' models. That's what you do when – unlike Britain – you don't have a unified national story to celebrate. The faces on our banknotes are like those on Mount Rushmore. The good news is we can change them from time to time. Like them or not, these are the people that made us and that made us great – and sometimes angry. If we take the people from our banknotes then, know this, we'll De La Rue the day.
