Bank of England unveils new £20 note

11th October 2019.

James Salmon, Operations Director.

The Bank of England has unveiled the new £20 note, although you won’t be seeing them in your wallet until February 2020.

Following on from the new £5 and £10 notes with their distinctive polymer, anti- fraud design,  the new £20 – the most used note – looks set to continue the battle against forgeries.

Security features on the next £20 note, featuring artist JMW Turner, will include two see-through windows on the note and a metallic hologram.

The current £20 note is the most circulated banknote in Britain, with two billion of them in the system.

It is also the most forged with 88% of detected banknote forgeries in the first half of this year being £20 notes.

The new design, which the Bank describes as its most secure, enters circulation on 20 February next year.

With twice as many notes as the £10 and five times the  £5 notes (396 million) and £50 notes (344 million), the £20 note is vital to Britain’s cashflow.

The Bank discovered 228,000 counterfeit banknotes in the first half of the year, of which 201,000 were £20 notes.

The new £20 note will be the first to feature the signature of Sarah John, the Bank’s chief cashier, who said: “The new £20 is an important part of our commitment to providing banknotes that people can use with confidence.

“Our polymer notes are much harder to counterfeit and, with the £20 being our most common note, this marks a big step forward in our fight against counterfeiting.”

The theory is that the plastic notes will also be more sturdy, such as surviving a spin in the washing machine, and be more resistant to counterfeiting.

 

Features

The banknote will feature Turner’s self-portrait, from 1799, currently on display in the Tate Britain, and one of his most eminent paintings – The Fighting Temeraire – which can be seen in the National Gallery.

In 2005, the painting – a tribute to the HMS Temeraire in Nelson’s victory at the Battle of Trafalgar in 1805 – was voted Britain’s greatest painting in a poll by the BBC.

His quote on the banknote – “Light is therefore colour” – comes from an 1818 lecture by Turner at the Royal Academy, where he first exhibited at the age of 15.

His signature is from his will in which he bequeathed his work to the nation.

Others features include:

  • A large see-through window, based on the shape of the fountains in London’s Trafalgar Square, with a blue and gold foil on the front depicting Margate lighthouse and the Turner Contemporary gallery in the town
  • A smaller see-through window in the bottom corner of the note inspired by Tintern Abbey
  • A metallic hologram which changes between the words “Twenty” and “Pounds” when tilted
  • The Queen’s portrait in the see-through window with “£20 Bank of England” printed twice around the edge
  • A silver foil patch with the 3D image of the coronation crown
  • A purple foil patch containing the letter T, based on the staircase at the Tate Britain gallery

Bank of England governor Mark Carney said: “As the new Turner £20 testifies, money can be a work of art in everyone’s pocket.”

The note is replacing the current £20 note featuring the economist Adam Smith. Of the five characters on banknotes by the end of 2021, other than the Queen only Jane Austen – who has appeared on the £10 note since 2017 – is a woman.

The next version of the £50 note, to be launched by the end of 2021, will also be polymer.

About CPA

The Credit Protection Association can help!

Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.

At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk. Our monitoring service can flag up warning signs long before the end, giving you the chance to adjust and reduce your exposure. We provide recommended credit limits and credit scores on a traffic light system and can help you set appropriate credit policies for your customers.

We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports however predict approximately 96% of company insolvencies long before they arrive.

Companies in trouble usually have very bad cash flow and they try to deal with it by delaying payment to their suppliers, increasing your exposure to them.

If you supply on credit, help us help you identify the risks.

Why use a third party collector?

As a third party collector, we can also get your payments prioritised over those who are not as hot on collections. When you customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.

Over the years we have collected billions in overdue invoices for our customers.

Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

CPA is passionate about late payment

The Credit Protection Association has been protecting smaller firms against poor payment practices for over 100 years.

We are extremely passionate about breaking the late payment culture that holds back the UK economy and threatens many SMEs with cash flow difficulties being the single biggest killer of Britain’s small businesses.

If you were regularly paid late we can help. Those former customers used you to boost their own cashflow, regularly paying you late.

As a result you had extra costs, you had the distraction of having to chase payment, you had opportunity costs because your capital was tied up in their late invoices.

Under little used legislation, you are entitled to compensation for those late payments.

Now you can boost your own cash-flow.

CPA can help unearth the those hidden treasures.

We have the technology to reveal the compensation you are due and we have the extensive experience and expertise to then turn those claims into cash.

Yes, CPA can help you boost your business cash-flow.

Don’t let your bankers control you, contact CPA today.

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections

Read our blog here on how to crack down on the late payment culture.

Read our blog here on how to give late payers the slap they need.

The “Why” of the late payment culture.

New PM should walk the walk and back small firms over late payments

Paying late is “crack cocaine” to big business.

Late payment culture risks “spiraling out of control”

visit our late payment compensation page

See our full blog and FAQ on late payment compensation

Do you realise you could be sitting on a fortune?

Late payments often result in a cash flow crunch and leave SMEs in need of a cash injection.

If you sold B2B on credit then there may be a hidden source of capital you can call on.

If you fancy an bit of extra cash in your business, rather than jumping through hoops with your bank, you could look to uncover the resources from an unexpected source within your own business.

Not many are aware but there could be a hidden fortune within your business, sitting there, just waiting to be uncovered and released.

We can help you uncover the pile of gold, you didn’t even know you were sitting on.

If you trade with other businesses and were often paid late then you could be entitled to significant compensation.

Under little known and under-utilised legislation your business could be due huge amounts in compensation that you didn’t even know about.

Let’s be clear – this is not a way to weaken any customer relationships you value. It is one that identifies who’s been paying late and then recover the potentially significant sums in compensation using Late Payment Legislation from businesses where the relationship has already ended.

You can pick and choose who you want us to follow up – but once we’ve agreed which companies you’d like to pursue compensation from it’s a fast process and there’s no financial outlay to you whatsoever. My team at CPA put its expertise to work to recover the compensation due and fight late payment culture.

That compensation could provide the cash boost your business needed.

But don’t delay, that compensation evaporates if not claimed within six years of the late payment.

How can CPA help?

CPA has developed a unique technology to dig into your accounting records and discover the cash injection you are due by means of compensation. The software does all the hard work. Our software interacts over the cloud with over 300 different software packages, working directly with your accounts package, just so long as it’s stored on a computer.

We recognise that most companies do not have the resources to spend time on the identification and calculation of Late Payment Compensation. Our service can produce an Analyses within just a few days with (usually) less than 30 mins of co-operation from our clients. We work directly with over 300 accounting packages but can also work with bespoke accounts packages. Indeed, speed is essential as the oldest invoices may fall foul of the 6-year time limit.

Once the Sales Ledger Analyses is made available to clients, all that is required is that management decide which commercially sensitive ex-customers to remove from the list and return it to us.

CPA then uses its years of collection experience to explain and recover the Late Payment Compensation Claims. Clients do not handle any part of the recovery process as our team will take all communications from the companies against who the claims has been made. Often, it’s simply a case of explaining the legislation, sometimes we have to go all the way and enforce the legislation through the courts.

The result is that we are realising clients’ claims worth tens and sometimes hundreds of thousands of pounds which, of course, is pure net profit.  You may also be among the recipients of “hundreds of thousands of pounds” should you elect to take advantage of our services.

We do the work, you receive the cash.

If you have supplied goods and services to businesses on credit and were regularly paid late then you could be due significant sums in late payment compensation.

We are talking to companies and unearthing claims in the hundreds of thousands from former business customers who paid them late. Large business customers who abused their power to inflict unfair and sometimes illegal payment practices.

We are helping business owners  who are looking to boost the returns from their business before they retire. We are helping businesses who have lost major clients after years of loyal service to get properly compensated for systematic late payment. We are helping companies that were looking to close down, who looked insolvent and finding that cash injection they need to avoid insolvency.

Those former clients who regularly paid you late can finally be made to pay.

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections

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