The Bank of England has claimed that the design made its communications “more inclusive and accessible” after criticism about the lack of diversity at Threadneedle Street.
It attracted criticism soon after the new design was unveiled last month, as the pile of coins at the feet of the female warrior Britannia had been axed.
Critics also poured scorn on the fact that the St George’s Cross had been replaced by the Union Jack.
The logo redesign itself cost almost £7,000 while the Bank spent just under £15,000 on photography to enhance its “visual identity”.
More than £22,000 was spent on a typeface that made it easier for people with dyslexia to read and a further £7,700 on “animation guidelines and film”.
In total, the rebranded new logo cost just over £51,000, according to The Telegraph.
People took to Twitter to share their reactions to the new logo and its price tag.
MEP Rupert Lowe expressed his outrage on the social media site: “Bank of England spending their time/our money redesigning their logo to become more ‘inclusive’…
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“I mean honestly what are these people playing at? Incompetent, woke idiots.”
User, @R3M386, said: “waste of time? yes, waste of money? probably. Do I care enough. No.
“Cost of living out of control, house prices through the roof and you are worried about a slight change in the bank of England’s logo.”
Another user, @DaddyDragon15, added: “Meanwhile, another critic said: ‘And the metropolitan liberal (so called) elite wonder why English nationalism is on the rise!’“
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The Bank has made efforts to become more inclusive following repeated criticism about its lack of diversity.
The UK’s central bank has faced particularly stringent criticism in relation to diversity in senior roles and the Monetary Policy Committee, which sets interest rates.
An internal review last year conducted by Diana Noble found that ethnic minority workers suffered from “material disparities”.
The review highlighted problems with the hiring and promotion of female staff as well as those from a BAME background.
In an effort to prevent further criticism, the bank has put more images of women on its banknotes.
Although the bank would not address the issue of the cost of the rebranding they said they had been trying to make their communications more “accessible”.
They said: “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.
“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.”