Matthew Boulton and James Watt, leading figures of the Industrial Revolution, are to be the new faces of the Bank of England's redesigned £50 banknotes.

Mervyn King, the Governor of the Bank of England, made the announcement on Friday evening when he opened a new exhibition at the Birmingham Museum and Art Gallery: "Matthew Boulton: Selling what all the world desires".

Boulton and Watt formed a successful partnership in the 18th century, eventually helping turn the steam engine into a commercial success.