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The wartime leader will become the first politician of the modern era to feature on a banknote.
Executive Director, Banking & Chief Cashier Chris Salmon discusses why the Bank chose Winston Churchill.
He said: “The Bank is privileged to be able to celebrate the significant and enduring contribution Sir Winston Churchill made to the United Kingdom, and beyond.”
– Sir Mervyn King, Governor of the Bank of England
Our banknotes acknowledge the life and work of great Britons. Sir Winston Churchill was a truly great British leader, orator and writer. Above that, he remains a hero of the entire free world. His energy, courage, eloquence, wit and public service are an inspiration to us all. I am proud to announce that he will appear on our next banknote.
The Bank of England has announced plans to put Sir Winston Churchill on the next bank note.
Sir Winston will appear on the reverse of the new £5 note which is expected to start printing in 2016.
The note is expected to feature a portrait of Winston Churchill from a photograph taken in Ottawa by Yousuf Karsh in 1941.
A view of Westminster and the Elizabeth Tower from the South Bank looking across Westminster Bridge.
The image of the Elizabeth Tower with the hands of the Great Clock at 3 o’clock – the approximate time on 13 May 1940 when Sir Winston Churchill declared in a speech to the House of Commons: “I have nothing to offer but blood, toil, tears and sweat.” This declaration is quoted beneath the portrait.
A background image of the Nobel Prize medal which he was awarded in 1953 for literature, together with the wording of the prize citation.
– Frances O’Grady, TUC General Secretary
Boosting the incomes of the low paid goes straight into the economy and wage-led growth must be part of the recovery so we would have liked to have seen minimum wage rates go up further today, even if the government has rightly rejected calls for a freeze.
We will continue to press ministers to ensure the minimum wage is properly enforced particularly for apprentices where there is considerable evidence that many miss out.
And we will continue to urge the many employers who can afford it to implement a full living wage for their staff.
The Government says the national minimum wage will increase by 12p an hour to £6.31 for adults and by 5p to £5.03 for 18-to-20-year-olds.
Britons are hoarding around £317.5 million in loose change in their homes, a new study has found.
Men are the worst culprits and tend to leave more loose change lying around than women, typically keeping £18.18, compared with about £10.19 for women, according to Lloyds TSB's findings.
One person in 10 has between £50 and £100 in change - while three per cent of those surveyed said they had more than £100 at home.
People living in the North keep the highest typical amounts at home, with an average of £18.24, while those living in Wales tend to hoard the least, with only £7.78 on average kept in change at home.
More than 2,000 people took part in the research.
Almost a third of families have savings which would last just five days if they were faced with a financial emergency, research has found.
Of those surveyed, 31 per cent had less than £250 put aside as a safety net, three per cent higher than in a similar study from last year, HSBC said.
For the average family, monthly outgoings are £1,669 - just under £55 a day - which would see savings of £250 savings run out five days.