£50 banknote isn't going anywhere says Bank of England chief cashier

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Bank notes have become more complex over the years (Source: Getty)

The £50 note will not be withdrawn any time soon, according to the Bank of England’s (BoE) chief cashier.

Victoria Cleland also did not rule out the possibility of issuing new polymer £50 notes, in an interview with Bloomberg.

She pointed to the lower usage of the distinctive red “bullseye” notes as the reason it was not included in a timetable of replacement of other notes.

Read more: Review: Our verdict on the new polymer £5 note

Cleland’s signature has adorned every new BoE note since March 2015. Since then she has overseen the introduction of the new polymer £5 notes, which are hoped to be longer-lasting and harder to forge.

The old £5 note will no longer be valid after 5 May this year. A new plastic £10 note will be issued from September of this year, before a replacement £20 note by 2020.

However, the new notes landed the Bank in an unlikely controversy, after it was found the new notes contained tiny traces of animal tallow.

Read more: Bank of England: Sorry, vegans. We're keeping the polymer £5 note

The Bank was forced to review the notes’ presence after coming under pressure from vegan groups, but decided to keep the new fivers – although it is looking to find a non-animal substitute for the tallow.

The Royal Mint is also upgrading the £1 coin, which will enter circulation this month. The new coin has 12 sides and is claimed to be the “world’s most secure coin”.