ADAM SMITH AND THE NEW £20 NOTE

That this House commends the decision by the Bank of England to include the innovative and pioneering economist Adam Smith on its next edition of the £20 note; recognises that Adam Smith, as the father of modern economics, championed the free market, individual freedoms, deregulation and low taxes, paving the way for progressive free trade in the world economy; but believes that the new design should only replace the great English composer Edward Elgar on the current £20 note after the 150th anniversary of his birth, which is to be celebrated in 2007.