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'Legal' bid over Scots bank notes | 'Legal' bid over Scots bank notes |
(30 minutes later) | |
An attempt is to be made at Westminster to make it legally binding for shops and businesses in England to accept Scottish bank notes. | An attempt is to be made at Westminster to make it legally binding for shops and businesses in England to accept Scottish bank notes. |
At the moment traders south of the border can refuse to take such notes. | At the moment traders south of the border can refuse to take such notes. |
A private member's bill is being launched in the Commons by Shadow Scottish Secretary David Mundell. | A private member's bill is being launched in the Commons by Shadow Scottish Secretary David Mundell. |
It would require all providers of goods or services in the UK which accept Bank of England notes to take Scottish bank notes on an equal basis. | |
In Scotland, three banks retain the right to print their own money: the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank. | In Scotland, three banks retain the right to print their own money: the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank. |
These banks notes are not backed by the force of law anywhere in the UK. | These banks notes are not backed by the force of law anywhere in the UK. |
Scots in England have no legal recourse if their banknotes are refused. | Scots in England have no legal recourse if their banknotes are refused. |
The only notes that carry the force of law are those issued by the Bank of England. | The only notes that carry the force of law are those issued by the Bank of England. |