Charles' portrait will appear on English notes of £5, £10, £20 and £50. Meanwhile, the rest of the design will remain the same as the current notes that feature the late Queen Elizabeth II on the front. The cameo in the transparent security window will also feature the current monarch, the United Kingdom's central bank said in a press release.
The new banknotes are expected to enter circulation by mid-2024 and will co-circulate with notes featuring the Queen's portrait, which will remain legal tender in the U.K., according to the bank.
"This is a significant moment, as The King is only the second monarch to feature on our banknotes," Bank of England Governor Andrew Bailey said ahead of the release.
The reverse side of the notes will remain unchanged -- the current designs feature portraits of Winston Churchill, Jane Austen, JMW Turner and Alan Turing on the reverse of the £5, £10, £20 and £50 notes, respectively.
"To minimize the environmental and financial impact of this change, new notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes," the Bank of England added.
Earlier this month, the first coins bearing the official effigy of King Charles III entered circulation. The 4.9 million 50 pence coins feature the King's portrait, and on the reverse, a design symbolizing the "life and legacy" of the late Queen, according to the Royal Mint.
Many Canadians have continued to see an increase in their rental rates in 2023. In an column on CTVNews.ca, personal finance contributor Christopher Liew explains how to calculate how much rent you can afford.
Canadians now believe they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, according to a new BMO survey. The eye-watering figure is the largest sum since BMO first started surveying Canadians about their retirement expectations 13 years ago.
With the spring break travel season approaching, those looking to flee the cold, wet Canadian snow for sunnier skies will likely be met with a hefty price tag for their getaway, with inflation and increased demand pushing costs up.
When selling a home, Canadians may be exempted from paying capital gains tax on a residential property -- if it's their principal residence. On CTVNews.ca, personal finance contributor Christopher Liew explains what's determined as a principal residence, and what properties are eligible for the exemption.
The Bank of Canada hiked its key interest rate by a quarter of a percentage point Wednesday, bringing it to 4.5 per cent. Here's a look at what the rate means, how analysts are interpreting it and what it could mean for consumers.
The federal government's latest TFSA contribution limit increase took effect as of January 1, 2023. Personal finance contributor Christopher Liew outlines how the government’s most recent TFSA contribution limit increase affects you and how to make the most of it.
Finding an affordable place to live in the territories, where housing has long been a challenge, is getting even harder, the Canada Mortgage and Housing Corporation suggested in a report released in December. In Yellowknife, the report said, the growing senior population, urbanization and strong labour market has pressured the housing supply.
Canada is suffering from a severe skills shortage in several key sectors, experts say, thanks to factors that include deficiencies in our education system as well as changing demographics. CTVNews.ca looks at some of the skills that will be most in-demand in 2023.
