New £50 note: Who should be the face of the new banknote?

The £50 note is getting a makeover - and you can help choose who features on the front of it.

The Bank of England announced today that the new note will feature a prominent British scientist and that the public being asked for nominations.

The highest denomination of banknote will get a plastic redesign like our current £5 and £10 notes, which ministers say will be more durable, secure and harder to make counterfeits from.

The announcement comes after calls to abolish the £50 note altogether, out of fear it was a method of payment widely used by criminals and not for everyday transactions.

In March, the Treasury said: "The £50 note is believed to be rarely used for routine purchases and is instead held as a store of value.

"There is also a perception among some that £50 notes are used for money laundering, hidden economic activity and tax evasion."

First introduced in 1981, there are currently 300 million £50 notes in circulation, with a combined value of £16.5bn.

Here's everything you need to know about the new £50 note, including the favourites to bag the coveted front-cover spot...

What's the new £50 note release date?

An exact date hasn't been confirmed, although the Bank of England announced that the new £50 notes would be printed when the new £20 note is rolled out in 2020.

What will the new £50 note be made of?

The new banknote will be made from polymer, the same material used to produce £5 and £10 notes.

Polymer banknotes are more environmentally friendly than paper notes, as well as being more durable and safer.

The Exchequer Secretary to the Treasury, Robert Jenrick, said: "Our coins and notes are respected and recognised the world over and are a key part of the UK's heritage and identity.

"People should have as much choice as possible when it comes to their money, and we're making sure that cash is here to stay.

"Our money needs to be secure and this new note will help prevent crime."

Who is on the current £50 note?

The current £50 note features Matthew Boulton and James Watt, trailblazers of the industrial revolution.

Who will feature on the new £50 note?

Giving an announcement at the Science Museum, Mark Carney, the Bank of England's Governor, revealed that the new £50 note will feature a British scientist.

He said: "There is a wealth of individuals whose work has shaped how we think about the world and who continue to inspire people today."

"Our banknotes are an opportunity to celebrate the diversity of UK society and highlight the contributions of our greatest citizens."

The public can offer their suggestions on the Bank's website over the next six weeks.

Nominations can include anyone who has excelled in any field of science including astronomy, biology, bio-technology, chemistry, engineering, mathematics, medical research, physics, technology or zoology.

A shortlist will then be drawn up by an expert panel before a final decision is made by Mr Carney.

So far, favourites include Professor Stephen Hawking, Isaac Newton, wartime codebreaker Alan Turing and mathematician Ada Lovelace.

Those who had tipped Gareth Southgate as a serious contender for the new banknote may be disappointed by the announcement - and the fact that the Bank Of England does not feature people who are still living on its banknotes, with the exception of the Queen.

Prior to Mr Carney's announcement, people's imaginations were running wild on Twitter, with some putting forward Liam Gallagher, Phillip Schofield and of course, Harry McGuire riding an inflatable unicorn.

What's the £50 note vote?

In its selection process, the Bank of England will select characters who reflect the diversity of British society who are widely admired and have made an important contribution to British society and culture.

As of 2014, the Banknote Character Advisory Committee chooses the field it wants to represent and asks the public to nominate people from that field.

For example, in 2015 it was announced that someone from the visual arts would feature on the £20, a character who was eventually unveiled as artists JMW Turner.

The final decision about who will appear on the next banknote is made by the Bank's Governor.