The Bank of England's appointment of Rhys Phillips as its new Chief Cashier and Director of Notes marks a significant development for the institution, with Phillips set to take up the role on 19 October 2026. His tenure will be critical in ensuring the continued production of secure and high-quality banknotes that meet the evolving needs of the UK's financial system.
The Governor, Andrew Bailey, highlighted the importance of banknotes as a symbol of national identity and a crucial component of public life, not just as a payment method but also as an indicator of trust in the economy. Phillips' primary responsibility will be to oversee the production of new notes, including leading the introduction of a next-generation series.
With over two decades of experience at the Bank of England, Phillips has demonstrated his ability to navigate complex financial issues. His career spans banking supervision, financial stability, and financial markets, having held various positions since joining in 2012. Notably, he served as Head of the Sterling Markets Division from 2018 to 2023 and most recently as principal private secretary to the Governor.
The Chief Cashier's signature appears on all Bank of England banknotes, making it a highly visible role that extends beyond the physical currency itself. For UK households and businesses, confidence in the national currency is fundamental to economic stability, influencing everything from daily transactions to long-term savings and investment decisions.
Victoria Cleland, the outgoing Chief Cashier, has been a prominent figure at the Bank for over 35 years, with over a decade spent leading the Notes area. She will continue to serve as special adviser to the Governors and Chair of the Retail Payments Infrastructure Board until her departure in spring next year. The transition period will enable a smooth handover, ensuring continuity in the critical function of banknote production and security.