The Bank of England spent more than £50,000 of public money on a “more inclusive” rebranding that removed piles of money and the St George’s cross from its logo.
A freedom of information request by The Telegraph revealed that thousands of pounds was spent by officials on the tweaked logo, the creation of a new font for those with dyslexia and photography for its redesign.
The Bank of England claimed the rebranding, unveiled last month, made its communications “more inclusive and accessible” amid fierce criticism over a lack of diversity on Threadneedle Street.
However, the Bank attracted scorn after revealing the logo that had ditched the pile of coins at the feet of female warrior Britannia and replaced the St George’s cross with the Union Jack.
The logo redesign cost almost £7,000 while the Bank spent just under £15,000 on photography for its “visual identity”. More than £22,000 was spent on a typeface that is easier for people with dyslexia to read and a further £7,700 on “animation guidelines and film”. In total, the rebrand cost just over £51,000.
While the Bank of England is self-funded, it is publicly owned and money it makes but does not spend is handed back to taxpayers through the Treasury.
The Bank has moved to make its image more inclusive after being repeatedly criticised for a lack of diversity, particularly in senior roles and on its Monetary Policy Committee, which sets interest rates.
Last year an internal review by Diana Noble found that ethnic minority workers suffered from “material disparities” on Threadneedle Street, highlighting problems with hiring and promoting female staff and those from BAME backgrounds. It has also put more images of women on its banknotes in a bid to stave off criticism.
The Bank would not comment directly on the cost of the rebranding but said in the response to the freedom of information request: “Since 2019, the Bank of England has been reviewing its visual communications to make it more accessible, inclusive and reflect our current values and mission.”
It added: “How we communicate is part of how we carry out our mission. We intend to keep trying to make our communications more accessible for everyone.”
