• SONIA to Bank Rate wedge narrowed to less than 2bps in March
• Volume remains robust in light of recent geopolitical tensions
• Members noted orderly market functioning through recent turmoil

• Public consultation received 43,000+ responses and 100,000+ votes, with Nature and Architecture/Landmarks leading themes
• Focus groups to explore sentiment on top themes and potential design changes, including note orientation
• Group to reconvene after focus groups to recommend theme to Governor for Series H banknotes

• Banknote Imagery Advisory Group (BIAG) recommends 'Nature' as theme for Series H banknotes, with 'Wildlife' as primary sub-theme
• 'Nature' received 42% of public votes in July 2025 consultation, outperforming 'Architecture & Landmarks' (31%) and 'Notable Historic Figures' (27%)
• BIAG cited inclusivity, emotional resonance, and security feature alignment as key reasons for selecting 'Nature' over alternatives
• Focus groups highlighted concerns about regional equity and historical baggage for 'Architecture & Landmarks' theme
• Decision now goes to Bank of England Governor for final approval