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12 September 2022
- The death of Queen Elizabeth II, who passed away on September 8, was a definitive reminder to many in the world that everything changes. And while most people alive today took the Queen for granted, her departure will mean several changes for the United Kingdom and the Commonwealth countries that may involve unexpected costs.
- For example, after seventy years, new banknotes, coins and stamps are expected to be introduced, and a new King Charles III will replace the Queen. However, since both the coins and the notes with the Queen’s portrait remain in force, introducing new ones with the portrait of Charles III will take several years and will also cost a considerable amount of money.
- Portraits of Queen Elizabeth II now adorn the currencies of 33 different countries. Canada was the first to put it on its $20 note in 1935, and the UK followed suit in 1960, after the coronation. Since then, up to 26 different portraits have been used in the UK and its colonies. In addition, some countries have updated the Queen’s image to reflect her age, while others have retained her older likeness.
- On the coins, the Queen’s profile has always been turned to the right, but King Charles’ profile will be turned to the left. This follows the 17th-century tradition of alternating the direction of the monarch’s head with that of the sovereign.
- Queen Elizabeth II first appeared on stamps in 1966, and more than 220 billion have been printed in more than 130 colours. According to Royal Mail, stamps bearing the Queen’s likeness are expected to be valid until 2023.
- It could cost nearly £400 million to reprint all 4.7 billion notes in circulation. As well as new coins and stamps, all national anthem songbooks will have to be rewritten, or the royal symbol, which is on everything from police uniforms to post boxes, will have to be changed.
What to watch out for this week
- The main topic of the week will be inflation. Inflation is expected to fall in the US, with prices falling by 0.1% month-on-month and from 8.5% to 8.1% year-on-year. Core inflation is expected to rise by 0.3% month-on-month and, on an annualised basis, is expected to increase from 5.8% to 6.1%. PPI is also expected to decline by 0.1% MoM, while core inflation is expected to rise by 0.3%.
- In the UK, prices are expected to rise 0.6% month-on-month, with core inflation expected to grow up to 0.8%, an extreme jump. Year-on-year inflation is expected to rise at 10.2%, with core inflation rising from 6.2% to 6.3%.
- In the EU, prices are expected to rise by 0.5% month-on-month, with the year-on-year figure rising from 8.9% to 9.1%. The ECB’s 0.75% rate rise should certainly not be reflected; we could see that in the coming months.
- In addition, we still have the UK unemployment figures, which are expected to be flat at 3.8%, and the ZEW Indicator of Economic Sentiment for Germany, which for August has fallen to its lowest level since October 2008 and is expected to fall further.
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