The Bank of England has announced that the £50 banknote carrying the portrait of Sir John Houblon, the first governor of the Bank of England, will be withdrawn from circulation on 30 April.

From that time only the £50 note featuring Matthew Boulton and James Watt, which was introduced in November 2011, will be legal tender.

After April 30, the Bank says it will be up to individual institutions as to whether they agree to exchange the note, but it says it expects most bank and building societies will continue to accept them for deposit to customer accounts.

Barclays, NatWest, RBS, Ulster Bank and the Post Office have agreed to exchange the notes for members of the public, up to a value of £200, until 30 October this year.