No, it isn't.
It uses Arial, a font that everyone has and can use. There's no excuse; either find a site that gets you commercial fonts for free, or go to Dafont and find a good free font to use.
If this is an attempt to make a square look, like everyone and their mother has been trying to do, like me:
, then it fails there; the boxes aren't even square.
And finally; it's a step backwards from your previous mocks (and that is saying something). There is not an attempt; it's just a word in Arial set in the bottom right of the rectangle, and the BBC blocks not even squared up with the rectangle.
Long story short: work on this some more. When you feel as though your design could gain at least 3 stars, then you can come back.
Colorband spelt backwards is "Natures" - wait, no it isn't. Oh well, so is life.