In a joint statement issued by HM Treasury and the Bank of England it had been confirmed that the £50 note is to continue to be part of the UK currency. The new £50 note will be designed and printed on polymer, a thin flexible plastic that includes a number of important new security features. Polymer notes are cleaner, safer and stronger than existing paper notes.

We have already witnessed the launch of new £5 and £10 notes. A new £20 note featuring J.M.W Turner is expected to enter circulation in 2020. The new £50 note will follow at a future date.

There had been speculation that the £50 note might be withdrawn due to concerns that the notes are being forged and used for money laundering and tax evasion. However, there is evidence that the demand for the £50 note is continuing to rise as it gives people more flexibility over how they spend and manage their money.

Sarah John, the Bank of England’s Chief Cashier, said:

'I'm very excited to be starting the process of introducing a new £50 note. At the Bank, we are committed to providing the public with high quality notes they can use with confidence. Moving the £50 note onto polymer is an important next step to ensure that we can continue to do that.'