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.”6 In 2005, was voted Britain’s greatest painting in a BBC poll.7 The quote – “Light is therefore colour” – is from an 1818 lecture by Turner. It refers to his innovative use of light, shade, colour and tone – one example of his unquestioned contribution to the visual arts in Britain and beyond. Turner rarely signed his paintings, so the signature on the banknote was taken from his will. It is fitting because, in that document, he bequeathed his paintings to the nation – a wider contribution to British society. Most Turners are not locked away in private collections or spread to the four winds. They are free for the British public to see across some of our greatest museums. And finally, Turner’s legacy endures. From his influence on art for more than two centuries, to the prize that bears his name and celebrates British contemporary art – indeed, to this magnificent gallery, the Turner Contemporary. It is fitting we are here in Margate, where Turner visited frequently throughout his life. This gallery stands on the original site of Mrs Booth’s seafront guest house, where Turner stayed whenever he visited.8 More than 100 of his works were inspired by the East Kent coast, and he held that “the skies over Thanet are the loveliest in all Europe.” ***  6  P. Ackroyd, Turner (Vintage, 2006) p. 136.
It bridges time. The money we spend today could have been earned from past accomplishments or could be borrowed from future ones. Money is also Memory for a country and its people. Money, after all, can be a piece of art in everyone’s pocket. Far from being “barren”, our banknotes are a celebration of the UK’s heritage, a salute to its culture, a testament to the great achievements of its most notable individuals. In short, money has not just economic value; it has cultural value. 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 our common values. The great statesman Sir Winston Churchill will feature on the next £ note, unveiled on 2nd June, and issued in September, replacing the prison reformer Elizabeth Fry. The renowned author Jane Austen will feature on the £ note, which will be issued in 2017, replacing the ground-breaking scientist Darwin. 1  Hicks, J R (1967), Critical Essays in Monetary Theory. 2  “I am what I am” or “Stupid is as Stupid Does”. 3  A moniker used by Kocherlakota. See Kocherlakota, N (1998), “Money is Memory”, Journal of Economic Theory, 81 (2). 4  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. 5  Kocherlakota (Ibid.)