Daily Banking Industry News
Thursday 26th of August 2010

Banking Sectors:

By company:

By organisation:


Also see:

March 8, 2009

MP takes action on Scottish bank notes

by Gill Montia

Story link: MP takes action on Scottish bank notes

The MP for Dumfriesshire, Clydesdale and Tweeddale wants to see legislation in place to stop retailers outside Scotland refusing Scottish bank notes, which are issued by the region’s commercial banks.

Shadow Scottish secretary, David Mundell, has told the House of Commons that Scottish people have had enough of their banknotes being challenged and want to see the notes on an equal footing with their south-of-the-border counterparts.

To this end he introduced the Scottish Banknotes (Acceptability in the UK) Bill to the House of Commons, last week.

Currently, the Bank of Scotland, RBS and Clydesdale issue the notes and according to Mr Mundell, visitors to Scotland commonly try to change them before crossing the border.

Around £3 billion worth of Scottish banknotes are in circulation and the MP believes that wider acceptance would strengthen ties between Scotland and England.

He has a supporter in the MP for Thurrock, Andrew Mackinlay, who would like to see the proposed bill extended to include Northern Irish banknotes.

However, Treasury Exchequer Secretary, Angela Eagle, prefers the idea of encouraging retailers to accept different types of banknotes, rather than resorting to legislation.


Related stories to MP takes action on Scottish bank notes:

Investment Banking News

Savings & Investment News

Borrowing & Lending News

Financial Reports News