Banknotes issued by the Bank of England are about to get their first major redesign in more than 50 years. Notable historical figures, such as Sir Winston Churchill on the current fiver, have featured on these banknotes since 1970 but could be on the way out.
The £50 note featuring the first governor of the Bank of England, Sir John Houblon, will be withdrawn on Wednesday after 20 years in circulation. From that time, only the £50 banknote featuring Matthew Boulton and James Watt, which was introduced in 2011, will hold legal tender status.
Two new deputy governors have been named at the Bank of England, as part of a radical shake-up by governor Mark Carney. Ben Broadbent will become deputy governor responsible for monetary policy, and Nemat Shafik will take charge of markets and banking.