The Bank of England has appointed Rhys Phillips as its new chief cashier and director of notes, effective October 19, as the institution prepares to transition from historical figures to animals on its banknotes.
Rhys Phillips Takes the Helm
Governor Andrew Bailey announced the appointment, stating that Phillips will be responsible for producing high-quality, secure notes that the public can use with confidence. Phillips joined the Bank in 2012, having begun his career at the Financial Services Authority in 2005, and has held various roles in banking supervision, financial stability, and financial markets. Most recently, he served as principal private secretary to the governor.
Outgoing chief cashier Victoria Cleland will remain as a special adviser to the governors and chairwoman of the retail payments infrastructure board until next spring.
New Banknote Designs: From Historical Figures to Animals
In June, the Bank of England unveiled a shortlist of animals that could appear on future banknotes, including a dolphin, fox, butterfly, owl, bumblebee, and shark. This marks a shift from the current series, which features Sir Winston Churchill on the £5 note, Jane Austen on the £10, JMW Turner on the £20, and Alan Turing on the £50.
Historical figures have been featured on Bank of England banknotes since 1970, representing thought, innovation, leadership, and values. The current series began circulation in 2016 with the £5 note featuring Churchill.
The transition to animal-themed notes will take several years, requiring a detailed, multi-year process for design, testing, and printing.
Governor Bailey on the Role of Banknotes
Governor Andrew Bailey commented: “Banknotes play a central role in public life. They serve not just as a means of payment, but as a shared symbol of our national identity. I am delighted that Rhys will be our next chief cashier leading the work to introduce a new generation of secure banknotes.”
