Notes featuring the King's portrait will enter circulation in mid-2024, says the Bank of England.
Cost of living correspondent
The portrait will be the only change to existing designs of £5, £10, £20 and £50 notes and will start to enter circulation from mid-2024.Existing notes will still be accepted in shops after the new notes begin to circulate. There are about 4.5 billion individual Bank of England notes worth about £80bn in circulation at present.The Bank of England said that, following guidance from the Royal household, the new notes would only be printed to replace worn notes or to meet increased demand, in order to minimise the environmental and financial impact of the change.
An estimated 4.9 million of the new coins are being distributed to post offices - about half of the total number earmarked for circulation - to be given in change to customers.Coins carrying the image of the late Queen will still be accepted in shops, in the same way as banknotes.
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