Winston Churchill note dropped by Bank of England after being told he was 'elitist'

Wartime hero Sir Winston Churchill was erased from our nation's currency after the Bank of England was told he was "elitist and divisive", it is claimed.

The Old Lady of Threadneedle Street, a once common nickname for the bank, announced it was phasing out historic titans such as Churchill, Alan Turing and Jane Austen in favour of wildlife because to keep ahead of fraudsters getting better at replicating faces.

And the Governor of the Bank of England wrote in the Telegraph this week: "The Bank’s foremost objective is the security of our banknotes, which includes tackling the threat from counterfeiting.”

But a Freedom of Information request by the Telegraph has uncovered revealing findings from an October 2025 report commissioned by the bank with the market research consultancy, Savanta.

According to the paper, the report found historical figures represented “a backward-looking vision of the UK that carries too great a risk of division and controversy” and that Jane Austen and figures like her were “contentious and not representative of the UK’s cultural and natural diversity”.

Robert Jenrick, Reform UK’s Treasury spokesman, told the Telegraph the Bank of England “should stop wasting time and money on this”.

And Colonel Richard Kemp, a retired British Army officer, said: “Without great and courageous figures like Churchill and Turing, we may have swastikas on our banknotes today."

As part of the feedback from the consultation, the Telegraph found one focus group participant said the mathematician Alan Turing was "a little bit imperialistic". And although Churchill was not named directly, nearly 120 participants in Savanta's focus groups said historical figures were "potentially divisive, elitist and disconnected from their own experiences".

In March this year, the Bank of England announced that nature had been chosen as the theme for the next series of banknotes. The topic received the highest proportion of nominations in last year’s consultation, as well as support in focus groups.

Much of the feedback received by the Bank referred to wildlife that is native to the UK. A dolphin, a fox, a butterfly, an owl, a bumblebee and a shark are among the animals that could appear on Bank of England banknotes, eventually replacing historical figures.

The Bank of England wants people to give their views on a selection of wildlife, native to the UK, that will appear on the next series of banknotes, in a consultation launched on Wednesday.

Working with a panel of wildlife experts, the Bank has produced a shortlist of animals that could become the central image on the £5, £10, £20 and £50 notes.

It is important that there are four distinct animals across the four denominations and that they are able to represent different environments from across the UK, the Bank said. Given this, the Bank said it may not necessarily choose the four animals that receive the highest number of responses.

Bank of England Governor Andrew Bailey will make the final decision, taking into account feedback from the public. The Bank said it wants to hear views in particular from residents of the UK and British citizens living abroad. They can be submitted via the Bank’s website or by post.

The Bank will announce the outcome of its consultation by the end of 2026. It will be a number of years before the next series is launched, with a detailed, multi-year process needed to design, test and print the banknotes, the Bank said.

Historical figures who have helped shape Britain through innovation, leadership and values have been showcased on Bank of England banknotes since 1970. The first of the current series has been in circulation since 2016, when £5 banknotes featuring Sir Winston Churchill were issued.

The current series of banknotes in circulation also feature Jane Austen on the £10 banknote, JMW Turner on the £20 and Alan Turing on the £50.