BOE names new Chief Cashier for note overhaul

The Bank of England has appointed Rhys Phillips as its new Chief Cashier and Director of Notes, marking a planned transition at the top of the institution’s notes and cash operations. Governor Andrew Bailey announced that Phillips will assume the position on October 19, 2026.

The Chief Cashier is responsible for overseeing the production of high-quality and secure banknotes, a role that sits at the centre of the Bank’s physical currency strategy. Phillips’s appointment comes as the Bank prepares for a significant redesign of its banknotes.

Phillips moves into the Chief Cashier role after holding several senior positions within the Bank of England. He served as Head of the Sterling Markets Division from 2018 to 2023, giving him experience in core monetary and market operations.

Most recently, Phillips worked as principal private secretary to the Governor, a role that involves close engagement with the Bank’s leadership and strategic agenda. This career path places him in a position of familiarity with both policy and operational priorities as he takes on responsibility for notes.

The appointment coincides with the planned departure of the current Chief Cashier, Victoria Cleland, who is stepping away from the Bank after 35 years of service. Cleland has overseen key aspects of the Bank’s cash and payments work during her tenure.

Although she is leaving the Chief Cashier position, Cleland will remain at the Bank as a special adviser to the Governors and as chair of the Retail Payments Infrastructure Board until she departs next spring. This arrangement provides continuity as the Bank manages changes in its banknote and retail payments activities.

The leadership transition takes place as the Bank of England prepares a generational redesign of its banknotes. The Bank has stated that it plans to replace historical figures on its notes with animals as part of this programme.

In June, the Bank unveiled a shortlist of animals that could feature on future notes, including a dolphin, a fox, a butterfly, an owl, a bumblebee and a shark. The Chief Cashier and Director of Notes will be closely involved in overseeing the development and production of any new designs that emerge from this process.

The combination of a new Chief Cashier and an upcoming banknote redesign signals a period of change in how the Bank manages cash and note issuance. Phillips will be tasked with ensuring that any new animal-themed designs meet the Bank’s standards for security and quality.

With Cleland remaining in advisory and governance roles until next spring, the Bank has structured the handover to support operational stability during the redesign phase. The announcements set out a clear timetable for leadership change aligned with the forthcoming update to the nation’s banknotes.