Review
Culture
Economics
Trust
5 min read

Money’s hidden meanings in a contactless age

The Bank of England Museum reveals the symbolism, morality and power woven into the history of money

Susan is a writer specialising in visual arts and contributes to Art Quarterly, The Tablet, Church Times and Discover Britain.

Gold bars stacked in the Bank of England vault.
The Bank of England vaults.
Bank of England.

Our era of contactless payments obscures the symbolism once lavished on money. But the rich history of meaning, morality and power, layered into everyday transactions, is uncovered at an exhibition at the Bank of England Museum 

Building the Bank celebrates 100 years of the current Bank of England building, on the site of Sir John Soane’s original structure, completed in 1827. Surveying a century makes past practices seem quaint: until 1973 the institution was guarded by the Bank Piquet military guard. A 1961 photo shows 12 Guardsmen with bearskin hats and bayonets, together with a drummer or piper, a sergeant and an officer, marching into the Threadneedle Streer entrance. Even now, when the wealth of most people in developed countries is contained in data warehouses, 400,000 gold bars are held in vaults deep beneath the Bank. 

Faiths have grappled with money’s impact for millennia. Christianity’s relationship with money is tinged with unease, as St Paul’s oft misquoted letter to Timothy illustrates: “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.” Personally, the immobilising feeling of envy, particularly if it is towards friends, does feel exactly like being pierced with blinding toxicity. 

Contrastingly, in Hinduism pursuing wealth is one of four pillars of faith, called Artha. In Hinduism attempting to attain material wealth is part of attempting to attain salvation. 

Herbert Baker, architect of the Bank of England, embodies moral ambiguity around faith and money. Buried in Westminster Abbey, and architect of Church House next door, Baker established his reputation working for Cecil Rhodes, prime minister of the Cape Colony 1890- 96. Vicar’s son Rhodes is now seen as paving the way for apartheid in southern Africa, and imposing an economically exploitive, racist, and imperialist system on the region. Baker also worked with better- known Edwin Lutyens on government buildings in New Delhi from 1912, declaring of the British Raj’s new seat of power “it must not be Indian, nor English, nor Roman, but it must be Imperial”. 

After World War One, Soane’s bank was too small to house the increased staff numbers needed to service the ballooning national debt and financial complexity of the Roaring Twenties. Bordered by major roads at the heart of the City of London, the institution’s footprint could not expand, so Herbert created a design incorporating some of Soane’s classical aspects, but with floors at a greater depth and height than its processor.  

From grand gestures to tiny details, classical mythology is a key element of the Bank’s design. Sculptor Charles Wheeler modelled doorknobs showing the face of Mercury. Mercury is the patron deity of finance and communication. Tiles for an officials’ lunchroom show a caduceus, with two bright blue snakes, tails entwined, framing Mercury’s face. Caducei are the symbol of commerce, representing reciprocity and mutually beneficial transactions.  

Forty caryatids, the classical female form used in place of a pillar in Greek architecture, were salvaged from Soane’s building and reused. Some caryatids are in the area where old banknotes can be exchanged, besides the museum, now the only part of the Bank open to the public.  

Outside, on the dome at the northwest corner of the bank, a gilt bronze statue of Ariel, named after the spirit of the air in The Tempest, represents “the dynamic spirit of the Bank which carries Credit and Trust over the wide world.” 

The image of banks as depositories of trust and positive relationships took a pasting worldwide during the 2008 Credit Crisis and lean years that followed. But in 2015 former Archbishop of Canterbury, Justin Welby, argues that banking services are a key part of functioning communities, and banks should be able to put people before profit. “At the heart of both these expectations is the value of the person as sacred, and all other things as secondary to human dignity. It is a value rooted in many faiths and especially in our Judaeo-Christian tradition. Of course profits have to be made, but they need to be measured not only in terms of their absolute return on capital employed, but also in terms of the human cost of achieving that return. 

“Large institutions with adequate balance sheets working to maximise returns from those who can most afford it do not produce a sustainable society in the long term. Such an approach is narrow-minded and short-termist, because sustainable societies are essential to the large companies within them. It is also an immoral approach.” 

Mosaics created by Boris Anrep idealise the Bank’ of England’s sunnier intentions towards the wider community. Anrep also designed mosaics for Westminster Cathedral, Tate Britain and the National Gallery. For the Bank, a tiny coin from the reign of Henry VIII known as the George Noble, the first time St George and the dragon appeared on English coinage, was magnified into a roundel showing the galloping saint, visor up, lancing the prostate dragon at the base. The George Noble was one of 50 designs, based on advances in coinage, gracing the Bank’s corridors.  

At the main entrance, a mosaic showing a pillar, representing the Bank, is guarded by two lions, referencing the sculpture from Mycenae. The Bank’s global role, and place at the centre of the then British Empire is shown by the constellations of the Plough and Southern Cross, representing the southern and northern hemispheres. 

An image of the Empire Clock Baker made for the Bank, - now disassembled - shows an ornate dial, marked in 24 sections, with the sun representing India and an anchor symbolising the port cities of Singapore and Hong Kong. 

In 1946 the Bank of England was nationalised, formalising its role as a public institution, operating in a post war decolonialising world, totally different to the one its building had been designed for just 20 years before. 

Systems and symbols around money mutate with the times. Money’s intangibility in our time of app and tap payment, makes its power less distinct than in the days of gold sovereigns. But we fool ourselves if we say money is unimportant, because all of history says otherwise. 

  

 

Building the Bank, Bank of England Museum, until 2026

Article
Comment
Film & TV
Politics
Truth and Trust
6 min read

The BBC and the Church of England: two giants, one crisis of trust

Will honourable resignations save the BBC—or anyone?
TIm Davie, sits in an interview in front of screens showing facts about the BBC
Tim Davie, former BBC boss.
BBC.

Sometimes it seems like the BBC is never out of its own headlines. Just as one crisis is finally overcome, another erupts. This year alone we’ve seen outcry over a documentary on Gaza and the Glastonbury fiasco. Now, the broadcaster’s director general Tim Davie and head of news Deborah Turness have resigned over the latest scandal. A leaked internal dossier concluded a Panorama documentary on Donald Trump had misleadingly edited a speech he made on 6 January (it also raised questions over the BBC’s LGBT coverage and its Arabic language service).  

Both Davie and Turness have insisted that the corporation is not biased in its coverage, even if mistakes had been made by its journalists and editors. But both found the pressure too much to bear. Speaking outside the BBC’s London HQ, Turness said:  

“I stepped down over the weekend because the buck stops with me. But I'd like to make one thing very clear, BBC News is not institutionally biased. That's why it's the world's most trusted news provider." 

She was right to identify trust as key. Can we trust the BBC to tell us what is going on in the world fairly and accurately, if it makes mistakes like these? Can we trust the individuals within the broadcaster to report the news impartially, regardless of their personal views? Indeed, can we trust those currently condemning the BBC to be acting in good faith, and not motivated by political hostility or commercial rivalry?  

According to research by the Reuters Institute for the Study of Journalism, the BBC is the most trusted news brand in Britain, with 60 per cent of people saying they have faith in its output. Some of its newspaper antagonists can muster barely a third of that trust score. An Ofcom survey from 2019 found an impressive 83 per cent of viewers of the BBC’s TV news output trusted it to be accurate. 

But trust in the media overall is slipping away in Britain. A decade ago, 51 per cent of people told the Reuters Institute they trusted the news in general; a Brexit referendum, Covid pandemic and ten years of political turmoil later, that figure is just 35 per cent.  

Trust in the BBC is one of its most precious commodities, part of what helps it stand out both in Britain and globally. This is why Davie and Turness decided to fall on their swords, despite nobody suggesting they had personally done much wrong. It has to preserve the trust of its audience at all costs and the price to pay has historically been that when someone messes up, the people at the top resign. We saw the same back in 2012 when the then director general George Entwhistle quit after just 54 days in the role after the BBC got sucked into the Jimmy Savile abuse scandal. In 2004, both the director general and chair of the BBC’s board had to resign in the wake of the suicide of Iraq War whistleblower David Kelly. 

This – the regular spectacle of the ‘honourable’ resignation – is an increasing rarity in other parts of public life. In our post-truth post-shame political environment, it is more common for politicians to brazen out scandal and disgrace, and rarer for their party institutions to insist leaders fall on their swords. We lost count of how many scandals Boris Johnson survived as prime minister before he was finally felled by Partygate in 2022. Across the pond, Donald Trump has effectively rendered himself uncancellable by capturing the Republican Party and much of the US media ecosystem, despite corruption and growing authoritarianism. As the Guardian columnist Marina Hyde put it, “The BBC is the last place anyone still resigns from.”  

And yet. There is an interesting counter-example from another storied British public institution battling to maintain relevance in the 21st century and wracked by scandal and division: the Church of England. Just a year ago it too suffered the ignominy of seeing its leader resign in disgrace. Justin Welby was forced to quit as Archbishop of Canterbury after he was criticised in an official review over John Smyth, one of the most prolific abusers in the church’s history.  

Welby painted his resignation in similar terms: an honourable act of falling on his sword to take responsibility for the institution’s broader failings. In his cloth-eared valedictory speech in the House of Lords, the outgoing Archbishop told his fellow peers that “there comes a time, if you are technically leading a particular institution, when the shame of what has gone wrong, whether one is personally responsible or not, must require a head to roll.” And in this particular case, there was only “one head that rolls well enough”, Welby added; his own.  

But did this supposedly principled act of resignation rebuild trust? Not really. In fact, it may have done the opposite and further damaged the public’s trust in its national church. Welby initially hesitated and refused to resign after the damning Smyth report was first published, only agreeing to go after a weekend of simmering outrage. The vibe was less 'honourable man falling on his sword' and more 'leader convinced they’d done little wrong reluctantly forced out against their will'.  

And yet with the passing of time, his resignation has become mired in regret. Growing numbers of both bishops and others in the church have questioned just how liable he really was for the failure to stop Smyth’s abuse, and how robust the Makin report’s conclusions are. There is an increasing sense Welby was forced out in a rush to find a scapegoat, any scapegoat, to stem the bleeding and show that the church was taking it seriously.  

His successful defenestration has radicalised the more hardline elements of the abuse survivor movement, encouraging them to try to topple their other despised enemies within the church hierarchy. Bishops now fear they will be next on the chopping block, regardless of their culpability; unsurprisingly this does not engender greater trust. In fact, many observers would suggest trust between the bishops and those in the pulpits and pews has never been lower in modern times. The tortured attempt to introduce blessings for gay couples has poisoned the well further, contributing to the system for appointing new bishops to begin to break down. Somehow, both the liberal and the conservative wings of the Church feel equally betrayed by the bishops’ actions during the gay blessings saga.  

Trust is slowly earned, and quick to drain away. Even doing the honourable thing and resigning is no longer a surefire route to restore trust in our public institutions. Just as with Welby, it is likely these BBC resignations will not rebuild confidence in our national broadcaster. Instead, they may well further encourage the right-wing press and demagogues like Trump to scream “fake news” and hector impartial news outlets further. The resignations also tell the ordinary viewer and listener the accusations of bias must be true – otherwise why would these bigwigs have to stand down? 

There are no easy lessons to read across from the Church of England’s battle to regain trust to the BBC. For years now bishops have been urging clergy and lay people to try to trust them once more, to put aside defensiveness and hostility and work together in vulnerable collaboration. And things have mostly only got worse. Trust cannot be willed back into existence, nor will it return through the bloodletting of high-profile ‘honourable’ resignations.  

In fact, there’s a deeper problem which goes much further than the BBC or the Church of England. A deeper crisis of trust in society at large. For 25 years the Edelman Trust Barometer has been measuring societies around the world, and of 28 nations polled last year the UK’s average trust score was rock bottom: just 39 per cent of people on average said they trusted businesses, the government, or the media. In fact, almost everywhere people are running low on trust. Fears that government leaders and media elites purposely lie to us are at an all-time high. Until we can find ways to rebuild the ties that bind us, as individuals and communities, it is hard to see how the large institutions that used to shape British civic life – whether that is the BBC, the Church or parliament – can regain the public’s trust, resignations or no resignations.

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