The Bank is calling upon the British public to nominate "people of historic significance" in the visual arts. The final verdict of who graces the note will be made by the governor Mark Carney in 2016 and the note will be printed for 2020.

6ac85b292d118c70545302b58cd9a398 Alexander McQueen
Image via Harper's Bazaar

1120978 Mock up of Alexander McQueen £20 note
Image via

The artist must not be living nor a fictional character. Frontrunners include J.M.W Turner, William Blake, Barbara Hepworth, Elisabeth Frink, outsider choice Alexander McQueen and favourite LS Lowry.

In 2013, a campaign to have a female figure - other than the Queen- on currency led to Jane Austen being chosen to be the next figure on the £10 note, which will go into circulation in 2017. In 2016, Winston Churchill will be on the £5 note.

Other famous faces from the world of arts have included William Shakespeare, Charles Dickens and architect Sir Christopher Wren.

Lancashire-born Lowry is favoured as most-likely to be chosen by the public. In a poll of over 1 000, by The Affordable Art Fair, for the new face of the £20 note. Lowry came out on top over Turner and Constable. The same poll concluded that Banksy would be the artist of choice if a living artist could be chosen.

LS Lowry's 125th birthday … a 1953 painting entitled Going to the Match LS Lowry, Going to the Match, 1953
Image via The Guardian

NPG x29881; L.S. Lowry by Sefton Samuels LS Lowry
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In the poll the results were as follows LS Lowry - 21%, Constable - 19%, JMW Turner - 9%, Alexander McQueen - 8%, William Morris - 8%, William Blake - 7%, Henry Moore - 5%, Thomas Gainsborough - 4%, Francis Bacon - 4%, Barbara Hepworth- 3%.

Screen Shot 2015-05-22 at 09.58.47 Banky's ''Banksy of England''

The choices for a living artist were Banksy - 40%, David Hockney - 18%, Damian Hirst - 10%, Anthony Gormley - 7%, Grayson Perry - 4%, Tracey Emin - 4%, Gilbert & George - 3%, Elizabeth Peyton - 3%, Marc Quinn - 2%, Anish Kapoor - 2%.