. uk / news / speeches rosalind franklin ’ s and frederik sanger ’ s revelations about dna, for example, furthered our understanding of the biology of life, and dorothy hodgkin ’ s discoveries about the structure of insulin and vitamins better enabled us to preserve it. mary anning ’ s palaeontological discoveries helped us understand the history of life on earth, while caroline and william herschel and stephen hawking opened up the heavens. srinivasa ramanujan ’ s pioneering research transformed modern theoretical mathematics. more practicably, the ground - breaking work of james clerk maxwell, ernest rutherford and paul dirac on electromagnetism, radiation and quantum mechanics laid the foundations for telecommunications and nuclear physics. likewise, charles babbage and ada lovelace have contributed to the origins of computing that underpins virtually every aspect of modern life. each of the shortlisted scientists is worthy of celebration, so the bank is delighted that this museum is honouring them with a special exhibition that showcases their many and diverse achievements. sadly, there is not adequate space to feature them all on the new £50 note. a choice had to be made. and it is my pleasure to announce today that the scientist that will feature on the new £50 note is alan turing. why turing? alan turing was an outstanding mathematician whose work has had an enormous impact on how we live today. as the father of computer science and artificial intelligence, alan turing ’ s contributions were far ranging and path breaking. turing was insatiably curious about the world around him. with his mind ranging widely and freely, he approached a variety of seemingly intractable problems and found answers that passed others by. his genius lay in his unique ability to link the philosophical and abstract with the practical and concrete. all around us, his legacy continues to build. turing is a giant on whose shoulders so many now stand. born in paddington, london on 23 june 1912, turing displayed prodigious talent and vibrant interest in the sciences and mathematics as a schoolboy. this was reinforced by the untimely death of his close friend christopher morcom. writing to morcom ’ s mother, he declared, “ i know i must put as much energy if not as much interest into my work as if he were alive, because that is what he would like me to do. ” all speeches are available online at www. bankofengland. co. uk / news / speeches to many, turing is

the economy will return to positive growth from fiscal 2010 to fiscal 2011. 5 if we regard the level of gdp at its most recent peak marked in fiscal 2007 as 100, then the level of gdp is likely to be 94 in fiscal 2009, 95 in fiscal 2010, and still only 97 in fiscal 2011. global structural adjustments, rather than a passing phase of a regular business cycle, lie behind the current global economic downturn. during the worldwide boom after 2002, various imbalances or excesses were accumulated on a global scale, and the difficulties in adjusting these imbalances are currently stifling the global economic recovery. for more details, see the speech “ recent economic and financial developments and the conduct of monetary policy ” i delivered at a meeting with business leaders in nagano in july 2009, a summary of which is available on the bank ’ s web site. according to the world economic outlook released by the international monetary fund ( imf ) in january 2010, the year - on - year growth rate of the world economy decelerated to 3. 0 percent in 2008, from much higher rates of around 5 percent a year between 2002 and 2007. although the growth rate plunged to minus 0. 8 percent in 2009, the largest negative growth since world war ii, it is projected to recover to a positive rate of 3. 9 percent in 2010 and 4. 3 in 2011. japan ’ s exports depend on the situation in overseas economies. as mentioned later, it is highly uncertain as to whether they will continue recovering. however, the organisation for economic co - operation and development ( oecd ) composite leading indicator and the new orders index within the manufacturing ism report on business released by the institute for supply management in the united states, both of which are regarded as leading indicators of japan ’ s exports, continue to show improvements. i believe that exports are likely to continue increasing, at least for the time being. comparing the recent levels of production, the real gdp growth rate, and exports with those before the january – march quarter of 2008, they are at the levels reached in the first half of the 2002, 2005, and 2006 calendar years, respectively. every april and october, the bank releases its outlook for economic activity and prices ( the outlook report ), and in the intervening january and july makes interim assessments of the outlook laid out in the outlook report. in the interim assessment made in january 2010, the policy board members took the view that growth prospects remain broadly unchanged compared with