Bank of England governor Mark Carney announced that artist J.M.W. Turner and his painting The Fighting Temeraire will appear on the next £20 banknote due to be issued by the UK central bank by 2020.

At the announcement at Turner Contemporary in Margate, Carney said: “Turner is perhaps the single most influential British artist of all time.

“His work was transformative, bridging the classical and modern worlds.

“His influence spanned his lifetime and is still apparent today.

“Turner bequeathed this painting to the nation, an example of his important contribution to British society.”

Also speaking at the announcement, artist Tracey Emin said: “It’s so amazing that an artist has been chosen for the £20 note and an artist who was a wild maverick.

“It’s wonderful that Britain’s creative side is being honoured in this way and of course I am especially happy because it is Turner and he loved Margate.”

The new £20 note will be printed on polymer.