Nick Brown MP MP for Newcastle upon Tyne East
I attended a preview of the new £20 note ran by the Bank of England and the Industry and Parliament Trust. The new note is the most secure yet using security features such as Hologram Image Change, See-through windows and a higher print quality. This aims to reduce the negative impact that counterfeit currency can have on the economy.
In the first half of 2019, around 228,000 counterfeit banknotes with a face value of £5 million were taken out of circulation. This is important as counterfeit currency can cause artificial inflation and raise the prices of everyday products, hitting the pockets of those who have the least the hardest. The note which features British artist JMW Turner will be in circulation from 20 February.