Bank of England launches new £20 banknote

The Bank of England launched its new £20 banknote today (February 20). The BoE said the third note in its new polymer series was the “most secure” banknote it had released into circulation.

“Moving the £20 note to polymer marks a major step forward in our fight against counterfeiting,” said chief cashier Sarah John. This will be the first note to bear her signature.

The new banknote bears the image of the late UK artist JMW Turner, who was chosen following an extensive public consultation, following which governor Mark Carney was presented with a shortlist of candidates.

The note includes two transparent windows and a two-colour foil, which make it very difficult to counterfeit. The design also includes a second foil on the back of the note and raised print for people with vision impairments. Ultraviolet security features have also been included.

The note was printed by banknote printer De La Rue, which has printed the entire new series of polymer banknotes for the BoE.

The new note will join the £5 note with the image of UK prime minister Winston Churchill, and the £10 note, featuring novelist Jane Austen, in the first series of polymer notes. A new polymer £50 featuring mathematician, code-breaker and computer scientist Alan Turing will be issued in 2021.

Currently, there are over 2 billion £20 notes in circulation. Data from the BoE shows the £20 is the most counterfeited note. In 2019, the BoE received 201,000 counterfeit £20 banknotes. 

Paper £20 notes can continue to be used as normal, and the BoE will give six months’ notice ahead of their legal tender status being withdrawn.

To help ensure the public are aware of the changes to the new £20, the BoE has bolstered its communication campaign and released a film on its YouTube channel. The video explains the security features on the note.

The central bank has also employed the use of the Snapchat app to allow members of the public to interact with the new banknote. Members of the public can watch the banknote “come to life” when viewed by their smartphone cameras.

Access to cash

The launch of the note comes as UK campaigners attempt to maintain access to cash.

On February 19, campaigning group Access to Cash called for new laws to maintain certain levels of cash access as part of the March budget.

In 2019, Access to Cash published a report warning that in the past year consumers have suffered the closure of 13% of all free-to-use cash machines in the UK and that the number of charging machines had jumped from 7% to 25%, costing consumers £29 million more in fees.

The UK’s three main financial regulators – the Financial Conduct Authority, Payment Systems Regulator and BoE – have formed a joint working group, called the Joint Authorities Cash Strategy Group, to explore the issues around reducing levels of cash.

Natalie Ceeney, chair of Access to Cash, has argued that regulators currently don’t have the tools they need to ensure that everyone who needs cash can get it.