The Bank of England has been accused of "wrongheaded wokery" after revealing it is considering dropping the current crop of historical figures featuring on banknotes.

Threadneedle Street is seeking suggestions from the public following its decision to launch a consultation about whether Sir Winston Churchill, Jane Austen, artist JMW Turner and code-breaker Alan Turing should continue to appear on the reverse side of £5, £10, £20 and £50 notes.

The Bank suggested modern issues should now be considered when planning the designs, including gender, ethnicity and disability.

Chief cashier Victoria Cleland said: "It may be that we can get that real diversity through a different theme than historic figures."

However, the decision sparked a backlash as critics warned the Bank of England against breaking with tradition.

Ex-Business Secretary Sir Jacob Rees-Mogg fumed: "The Bank of Wokeness wants to ignore our history and heroes to model itself on the unutterable banality of euro notes.

"It shows a lack of confidence in the nation and a supine kowtowing to the gods of political correctness."

Shadow Communities Secretary Kevin Hollinrake added: "This is wrongheaded wokery. We should be proud of our history, not sideline it.

Banknotes featuring King Charles's face on them

"Replacing historical figures with abstract themes risks erasing the rich, complex story of how our country has evolved.

"Diversity is incredibly important, but we should achieve it by widening the range of historic figures we honour, not by abandoning them altogether."

The Bank of England first placed a historic face on a banknote in 1970, when William Shakespeare featured on the £20 note.

A three-month consultation will now look to give the public "the opportunity to express their views on what theme they would like us to feature on the next series of our banknotes".

Sir Winston Churchill appearing on a £5 banknote

Despite fury about removing the current set of iconic Britons from banknotes, the Bank of England has not yet said when the next set of notes will be issued.

The Bank of England instead identified six "potential themes" - confirming that besides the monarch nobody who is still alive with feature on the reverse.

New notes could feature: notable historical figures, architecture and landmarks, arts, culture and sport, noteworthy events in history, innovation, and nature.

There has been concern about the lack of female figures on banknotes in recent years, with Jane Austen's inclusion only coming in 2017.

A new 50-pound banknote, featuring the image of World War II code breaker Alan Turing at Daunt Books

In its press release, the Bank of England confirmed: "The next series of banknotes will feature a portrait of the monarch, regardless of the selected theme(s).

"Banknotes are complex and it is a detailed, multi-year process to design, test and print them, to ensure they are high-quality, resilient and accessible.

"Depending on which theme is selected, we may seek further feedback from the public on the specific images that could be used to show the chosen theme.

"We will keep the public updated, including announcing the final note designs in due course."

Mark Carney holding a £10 banknote featuring Jane Austen

Cleland added: "Banknotes are more than just an important means of payment – they serve as a symbolic representation of our collective national identity and an opportunity to celebrate the UK.

"I am really keen to hear what themes the public would like to see represented on the next series of notes."

The Bank of England's consultation closes just before midnight on July 31.

UK residents and British citizens can submit recommendations via an online form on the Bank's website or by post.