2009 – future Contemporary Era to Future
2009 Quantitative Easing
Quantitative Easing (QE) was introduced by the Bank of England in 2009 to combat the financial crisis by injecting liquidity into the economy. By purchasing £200 billion in government and financial assets, the Bank aimed to lower interest rates, stimulate investment, and boost spending. While QE helped prevent a deeper recession and supported asset prices, it also sparked debate over its role in increasing income inequality and potential market distortions.
The artwork aims to capture the introduction of Quantitative Easing (QE) in the UK in 2009 through a series of intricately designed panels. The central panel features the Bank of England with large stacks of UK banknotes, symbolising the liquidity injected into the economy. The top panels depict UK government officials in discussion and the exchange of bonds, representing the decision-making process and the purchase of government bonds and mortgage-backed securities. The side panels showcase upward-trending graphs symbolising economic recovery, with labels such as “Government Bonds” and “Mortgage Securities.” The lower panels include graphical representations of economic metrics and the scale of financial activities. The design employs vibrant colours and intricate details typical of traditional stained glass art, conveying the complexity and significance of QE in the UK.
2012 LIBOR Scandal
The London Interbank Offered Rate (LIBOR) serves as a benchmark interest rate for short-term interbank loans among major global banks across five currencies (USD, EUR, GBP, JPY, CHF) and seven borrowing periods, crucially impacting financial contracts worldwide, with an estimated total exposure of $350 trillion, including mortgages, loans, and derivatives. The 2012 LIBOR scandal revealed major banks manipulating rates to enhance profits and appear more creditworthy, resulting in significant fines for institutions such as Barclays, UBS, and the Royal Bank of Scotland. This misconduct, exposed by whistleblowers and investigations, triggered extensive regulatory reforms, eroded trust in financial benchmarks, and spurred the development of alternative rates like SOFR. The scandal prompted industry-wide shifts towards greater transparency, oversight, and accountability, reflecting broader concerns about integrity within the banking sector.
This art piece depicts the 2012 LIBOR scandal with key elements such as traditional bank buildings symbolising major financial institutions, puppeteer strings indicating manipulation, and scales of justice representing legal fines. New shoots emerging from cracked ground will illustrate the reforms that followed, all set against a background transitioning from a dark, stormy sky to a bright, clear one. This cohesive and harmonious design captures the scandal’s impact and subsequent hope for recovery.
2018 UK Adoption of Open Banking
In 2018, the UK adopted Open Banking to enhance competition and innovation in the financial sector. This initiative mandated major banks to share customer data securely with third-party providers, leading to the creation of personalised financial tools, improved customer experience, and greater financial inclusion. While consumers benefited from cost savings and better financial products, traditional banks faced increased competition and had to adopt new technologies and partnerships. Overall, Open Banking significantly boosted the fintech sector, contributing to economic growth and attracting substantial investment.
This art piece depicts the adoption of Open Banking in the UK. Featuring a central open door symbolising access, the artwork integrates symbols of banks, FinTech companies, and financial technologies like digital screens, mobile devices, and cloud icons. Traditional financial icons, such as coins with the “£” symbol, graphs, are seamlessly intertwined. The term “Open Banking” is prominently displayed, underscoring the theme. The background merges urban and rural landscapes, representing the extensive impact of Open Banking across the UK, with vibrant colours creating a dynamic visual story.
2020 Brexit
The United Kingdom’s exit from the European Union in 2020 marked a significant turning point with wide-ranging impacts. Economically, it disrupted trade and investment flows, introduced regulatory barriers, and caused labor shortages in key sectors. Politically, it reshaped the UK’s internal landscape, deepening regional and social divisions while triggering significant legal and governance changes. The transition period and subsequent trade agreements mitigated some of the immediate disruptions, but the long-term effects of Brexit continue to unfold, influencing the UK’s economic performance, political stability, and societal cohesion.
This digital artwork, rendered in an intricate stained glass style, captures the historical and political moment of the United Kingdom’s 2020 departure from the European Union, known as Brexit. Prominent symbols such as the Union Jack and the EU flag are juxtaposed with iconic British landmarks like Big Ben and the Tower Bridge, encapsulating the gravity and complexity of the event. The central imagery of the UK map detaching from Europe, accompanied by the phrase ‘EXIT FROM THE EU,’ poignantly illustrates the nation’s monumental shift.
2020 Covid-19 Pandemic
In 2020, the COVID-19 pandemic severely impacted the UK’s economy, causing the worst contraction in over three centuries with a 9.9% decline in GDP. Lockdowns and social distancing measures led to significant job losses and business closures, particularly in the hospitality, retail, and tourism sectors. The UK government responded with extensive fiscal measures, including the furlough scheme, which increased public debt to levels not seen since the 1960s. Financial markets experienced volatility, while the Bank of England implemented supportive monetary policies. The pandemic also accelerated remote work adoption and interest in automation, leading to long-term changes in the UK’s economic landscape.
This digital image represents the economic impact during a challenging time, featuring abstract symbols such as crashing stock market graphs and falling pound sterling coins, alongside images of closed businesses and masked people to convey economic difficulties. The background employs muted colours and dark tones to depict the severity of the crisis, with rays of light symbolising hope and recovery emerging from the chaos.
2022 Inflation Surge
In 2022, the UK experienced a significant rise in inflation rates, largely influenced by several factors. One of the primary drivers was the global supply chain disruptions stemming from the COVID-19 pandemic, which led to shortages of goods and materials, thereby driving up prices. Additionally, increases in energy prices, particularly natural gas, contributed to higher costs across various sectors. The inflation surge was also exacerbated by labour shortages and wage pressures as businesses struggled to fill vacancies amidst shifting labour dynamics. The Bank of England responded by gradually increasing interest rates to curb inflationary pressures, although this move also impacted borrowing costs for businesses and consumers alike.
The artwork includes symbolic representations of global supply chain disruptions, energy price increases, labour market dynamics, and monetary policy responses. Ships and containers symbolise the supply chain, illustrating the movement and disruption of goods. Gas flames represent the rising energy prices, while workers and wage symbols depict the labour market dynamics, highlighting the struggles and adjustments in employment and wages. Scales signify the monetary policy responses to these economic challenges.
Into The Future: The Digital Pound
The implementation of the Digital Pound is currently in its design phase, with the Bank of England and HM Treasury working on the technological and policy requirements. The digital pound, akin to a digital form of cash, would be issued by the Bank of England and backed by the government. It aims to complement, not replace, physical cash and would be stored in digital wallets provided by private companies. The initiative is part of a broader move to adapt to changing payment behaviours and enhance the efficiency, innovation, and security of digital payments. Privacy and security are core considerations, with robust measures to ensure user data protection and prevent misuse. The digital pound would also support innovation in the financial sector, encouraging the development of new financial products and services.
The stained glass style artwork is a vibrant depiction of the Digital Pound concept. At its centre is a digital wallet icon, surrounded by digital pound symbols (£) radiating outwards, symbolising the spread and integration of digital currency. Encircling this central motif are various scenes of people using digital devices, representing the everyday use of the digital pound in both online and in-store transactions. The background features a balance scale, a symbol of security and trust, essential aspects of the digital pound. Interwoven patterns of circuitry are spread throughout the design, representing the technological backbone of the digital currency. The colour palette includes vibrant blues, greens, and golds, evoking a sense of modernity and stability.