arts, science and commerce. this demonstrates that our banknotes do not just have economic value – the classic roles of money to facilitate trade, store value, and provide a unit of account. banknotes have cultural value as well. by depicting characters on our banknotes, we celebrate those who have advanced british thought, spurred innovation, shown exceptional leadership, shaped this diverse society and forged its common values. in these regards, money is memory for a country and its people. bis central bankers ’ speeches i have already alluded to why churchill is a worthy choice. were that in doubt, consider that, in 2002, churchill was voted “ the greatest ever briton ” in a bbc poll. or that he continues to command vast international recognition as a hero of the free world. churchill ’ s contributions extended beyond his pivotal roles in the nation ’ s martial and political histories. he is the only british prime minister to have won the nobel prize in literature. he was a prodigious painter, and, perhaps thankfully, the only prime minister to enter the music charts. the wisdom of his witticisms is legion, extending as far as the dismal science. central bank forecasters can identify closely with his advice that, “ it is a much better policy to prophesy after the event has already taken place. ” polymer but in some prophesies we can be confident : for example that our new polymer banknotes, of which the new fiver is the first, will stand the test of time. polymer marks a major innovation. it is cleaner, safer, and stronger. it is resistant to dirt and moisture, so the note won ’ t wear out as quickly as the current fivers but will stay in good condition for longer. it is stronger than paper and can better withstand being repeatedly folded into wallets or scrunched up inside pockets. polymer notes can survive a splash of claret, a flick of cigar ash, the nip of a bulldog, and even a spin in the washing machine afterwards to boot. this added strength means we expect polymer notes to last at least two - and - a - half times longer than the current generation of £5 banknotes, generating cost savings over time. polymer notes are also better for the environment. because they will last longer, we will have to print fewer. that means less energy in production and transportation. and when a polymer banknote has reached the end of its useful life, it will be recycled. importantly, using polymer

rush for the exits and it hits the headlines. 15 this had been the focus of a joint bank of england - financial conduct authority review before the virus disruption. the need to meet a potential demand for new equity issuance makes that review now all the more urgent and important. we had already concluded that open ended funds should align their redemption terms with the liquidity of their assets. funds investing in less liquid assets should extend their notice periods or ensure redeeming investors receive only a ‘ quick sale ’ price for their share of the funds assets. 16 the fca has announced that it will “ look to consult later this summer on finding a way in which funds could safely transition to a structure in which liquidity promises to investors are better aligned with the liquidity of fund assets ”. 17 properly and consistently implemented, changes like this will help to level the playing field. with this would come the opportunity for both closed end funds and for open ended funds offering a longer redemption notice period to attract more investment. and that would open up the possibility of greater investment in growth capital. the fund industry – through the investment association – has been working on a proposal for a long - term asset fund ( ltaf ). properly designed, such an open ended structure could in principle allow investment in truly illiquid assets. i look forward to seeing the next stage of their proposals soon. if we can remove the current bias against the growth of closed ended and long - term asset funds, new opportunities for issuers and investors can be created. this won ’ t a silver bullet – investment funds may face see december 2019 financial stability report, and speech by alex brazier ( 2019 ) : stability, agility, opportunity see december 2019 financial stability report see speech by christopher woolard ( 2020 ) : the role of investment managers in the post covid - 19 recovery all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice other obstacles to investing in unlisted equity and the needs of unlisted companies will vary depending on their current ownership structure and size. but it would certainly be a step in the right direction. to reinforce it, we will also need to examine whether there are obstacles to insurance companies and pension funds making investments in unlisted equity, whether that ’ s directly or through funds structures of the sort i described. on the insurance side, there is little case for compromising on the resilience of insurance