New £50 Banknote

Here's the Bank of England's new £50 banknote, which will be issued starting 2 November. The two grim-faced capitalists depicted on the note are Matthew Boulton and James Watt, who pioneered the use of steam engines in textile manufacturing. This is the first time two portraits appear on the reverse of a Bank of England banknote. It will also be the first in circulation to be signed by Chris Salmon, the new Executive Director of Banking Services and Chief Cashier, appointed in April 2011 (title link). I must admit I can't see the purpose of such large denomination banknotes. Surely the only people who use them nowadays are criminals.