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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 also take Scottish banknotes on an equal basis. 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.