Queen Elizabeth II was Britain's first monarch to be placed on the country's paper notes. There is no word yet on what new bank notes will look like, but there's a longstanding tradition for coins.

Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.

The Bank of England unveiled the new £50 note on Thursday, nearly two years after saying it would honor the pioneering mathematician who died an outcast because of his homosexuality.