Light is therefore Colour: Remarks at the launch of the new £20
banknote
Speech given by
Mark Carney, Governor of the Bank of England
Turner Contemporary Gallery, Margate
10 October 2019
I would like to thank Clare Macallan for her assistance in preparing these remarks and Lizzie Levett
and Lisa Young for providing background information.
It is a pleasure to be back at Turner Contemporary in Margate to unveil the new £20 banknote featuring JMW
Turner.
Banknote character
Turner was a frequent visitor to Margate, drawn by "the skies over Thanet", which he held to be "the loveliest
in all Europe". The East Kent coast inspired more than 100 of his works and this gallery stands on the site
of
Mrs Booth's seafront guesthouse, where Turner stayed whenever he visited.
Turner's contribution to art extends well beyond this stretch of shoreline. He was precocious -
exhibiting at
-
the Royal Academy at 15, and becoming an Academician at 24 as well as prolific, producing more than
550 oil paintings, 2,000 watercolours, and 30,000 sketches and drawings.
Turner is rightly celebrated for his unique ability to capture light and highly varied atmospheric effects
through use of vibrant colour and flowing brushwork; he often went to extremes in pursuit of the visceral
artistic experience. His paintings blaze with the heat of the sun, shimmer in moonshine, and rumble under
the weight of gathering storm clouds.
These works transformed the field of landscape art. Before Turner, landscapes were generally viewed as
subjects unworthy in their own right; their role was merely to provide backdrop to the real action. Turner
elevated the genre by showing how paint could not only convey the appearance of a place but also capture
something of its spirit.
Turner also used art to hold a mirror to the technological and social transformations happening around him.
-
Masterpieces such as Rain, Steam and Speed The Great Western Railway captured the advent of the
steam age. The Slave Ship reflected on the moral preoccupations of his times.
The artistic developments that Turner pioneered resonated well beyond his lifetime, providing inspiration to
the Impressionists and leading Mark Rothko to joke "This man he learnt a lot from me".
Turner, A
contemporary reviewer may have put it best when he placed Turner among 'the masters whose day is not so
as of "all times"'.1
much of to-day,
Indeed, Turner's legacy endures today through his influence on art for over two
centuries, to the prize that
bears his name to celebrate British contemporary art, to this magnificent gallery, the Turner Contemporary.
Soon Turner's work will feature on another 2 billion works of art -
the new £20 notes from the Bank of
England.
1
The Champion, Newspaper Article, published 7 May 1815.
Banknote design
The new £20 note celebrates Turner, his art and his legacy in all their radiant, colourful glory.
The design features Turner's
self-portrait, from 1799, alongside one of his most eminent paintings, The
-
Fighting Temeraire.2 This painting is a tribute to the HMS Temeraire which battled with distinction during
Nelson's victory at Trafalgar in 1805 -
and an elegy to the decline of sail, showing the great warship being
pulled by a steam tug to her last berth to be broken up for scrap. The novelist William Makepeace
Thackeray called it "as grand a painting as ever figured on the walls of any academy, or came from the easel
of any painter".3 The public clearly agrees, voting it Britain's greatest painting in a BBC poll in 2005.4
exemplifies Turner's innovative use of light, shade, colour and tone. These
The Fighting Temeraire
- 'Light is therefore colour' -
contributions to the visual arts are captured in the quote which is from an 1818
lecture by Turner.
Turner rarely signed his paintings, so the signature on the banknote was taken from his will. That is fitting
because, in a codicil to that testament, he bequeathed his paintings to the nation, and in doing so made a
significant contribution to British society. Few Turners are locked away in private collections or spread to the
four winds. The vast majority are free for the British public to see across some of our greatest galleries.
The note references several of these galleries. A small purple foil on the reverse side of the note echoes the
spiral staircase at Tate Britain, which holds most of the Turner Bequest in the Clore Gallery. The main foil of
the note contains an image of Turner Contemporary in blue. And the shape of the window around the foil is
based on the Trafalgar Fountains, which are an iconic feature in the square outside The National Gallery
where The Fighting Temeraire hangs.
The purpose of design features like these is not simply to make the banknotes beautiful but also to
strengthen their security.
The new £20 will be our most secure note yet, featuring several innovative elements. For example, rather
- -
than having a single foil element the Turner Contemporary in blue there is an additional foil in a second
colour: the Margate Lighthouse in gold. And there is a second transparent element in the bottom corner of
the note, inspired by the windows of Tintern Abbey, which was a popular tourist spot in Turner's times and
which he memorialised in another of his great watercolours in 1794.
These security features are made possible by printing the new £20 on polymer, rather than paper. Polymer
banknotes also remain in good condition for longer, meaning the new £20 will be safer, cleaner and stronger.
2
The self-portrait is currently on display in Tate Britain, and The Fighting Temeraire can been seen in The National Gallery.
3
P. Ackroyd, Turner (Vintage, 2006) page 136.
4
See: http://news.bbc.co.uk/1/hi/entertainment/4214824.stm.
making the nation's money as inclusive as
The varied colour of our banknotes also plays an important role in
possible. Features like the differing colour palettes, differing sizes and raised print enable those who are
visually impaired to recognise different notes. As with the new polymer £10, the new £20 will also include a
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tactile feature a series of raised dots in the upper left-hand corner to improve accessibility further.
Conclusion
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Banknotes are meagre pieces of paper or more accurately polymer of no intrinsic value that serve vital
economic functions. They facilitate trade. They store value. They act as a unit of account. As the man
whom Turner will replace on the £20 Adam Smith observed, banknotes may be mere barren tokens but they
are the "universal instrument of
commerce".5
And money serves as a collective memory for a country and its people; it has cultural value as well as
economic.
of art in everyone's pocket. Far from being "barren",6
As the new Turner £20 testifies, money can be a work
our banknotes celebrate UK's heritage, salute its culture
and testify to the great achievements of its most
notable citizens.
That tradition continues with the new £20. JMW Turner will circulate alongside Winston Churchill on the £5,
and Jane Austen on the £10. In 2021, Alan Turing will soon replace Boulton and Watt on the £50. These
individuals have advanced British thought, demonstrated exceptional leadership, and more generally helped
to shape this diverse society and forge our common values.
I'm delighted to be joined today to celebrate Turner's continuing
influence by one of our most eminent artists,
someone whom Turner has influenced and one of Margate's own. As precocious and prolific as Turner,
a
fellow Royal Academician, the master of confessional art and fittingly, past winner of the Turner Prize, please
welcome Tracey Emin.
5
Book I, Chapter 4 "On the Origin and Use of Money" of Smith, A (1776),
An Inquiry into the Nature and Causes of the Wealth of
Nations.
6
A moniker used by Kocherlakota. See Kocherlakota, N (1998), "Money is Memory", Journal of Economic Theory, 81 (2).