expenditure total capital expenditure total expenditure of which : excluding interest payments 10. 5 5. 0 2. 5 16. 1 6. 2 3. 3 43. 7 37. 4 2. 4 1. 8 4. 2 47. 8 41. 6 10. 6 5. 1 2. 6 16. 5 5. 6 3. 4 43. 6 38. 1 1. 7 1. 9 3. 6 47. 2 41. 7 10. 8 5. 2 2. 6 16. 7 5. 1 3. 6 44. 0 38. 9 2. 5 1. 9 4. 3 48. 4 43. 2 10. 7 5. 3 2. 7 16. 8 4. 7 3. 6 43. 9 39. 1 2. 4 1. 5 3. 9 47. 8 43. 1 10. 9 5. 4 2. 8 16. 9 4. 6 3. 7 44. 2 39. 6 2. 4 1. 7 4. 1 48. 3 43. 7 10. 9 5. 1 2. 8 16. 9 4. 6 3. 6 44. 0 39. 3 2. 4 2. 7 5. 0 49. 0 44. 3 10. 6 5. 1 2. 7 17. 0 5. 0 3. 7 44. 1 39. 1 2. 3 1. 7 4. 0 48. 2 43. 2 10. 8 5. 4 2. 7 17. 6 5. 2 3. 8 45. 4 40. 3 2. 2 1. 5 3. 8 49. 2 44. 0 11. 2 5. 9 2. 9 19. 1 4. 6 4. 2 47. 9 43. 3 2. 5 1. 9 4. 4 52. 3 47. 7 11. 1 5. 8 2. 9 19. 2 4. 5 4. 1 47. 5 43. 0 2. 1 1. 4 3. 5 51. 0 46. 5 source : based on istat data. ( 1 ) rounding may cause discrepancies in totals – ( 2 ) the figure for 2009 includes the extraordinary refund of the personal and corporate income tax overpayments made by firms in connection with the omitted deduction of 10 per cent of the regional tax on productive activities ( irap ) in the tax period up to 31 december 2008 ( article 6 of decree law 185 / 2006 ). table 4 general government consolidated accounts on a current

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. the self - portrait is currently on display in tate britain, and the fighting temeraire can been seen in the national gallery. p. ackroyd, turner ( vintage, 2006 ) page 136. see : http : / / news. bbc. co. uk / 1 / hi / entertainment / 4214824. stm. all speeches are available online at www. bankofengland. co. uk / news / speeches the varied colour of our banknotes also plays an important role in making the nation ’ s money as inclusive as 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 tactile feature – a series of raised dots in the upper left - hand corner – to improve accessibility further. conclusion 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. as the new turner £20 testifies, money can be a work of art in everyone ’ s pocket. far from being “ barren ”, 6 our banknotes celebrate uk ’ s heritage, salute its culture and testify to the great achievements of its most notable citizens. that