§ 21. Mr. WATTasked the Chancellor of the Exchequer whether his attention has been called to the fact that Scottish bank notes have a charge on them in London, even by the banks there that have issued them, in exchanging them for Treasury notes; whether he is aware that it is the Bank of England that enforces this charge to be made; and whether he will take steps by legislation or otherwise to secure an alteration in this now that Treasury notes are in such large currency?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. McKinnon Wood)In reply to the first part of the question, I am aware that a charge is usually made for cashing Scottish bank notes outside Scotland. As regards the second part, the answer is in the negative. As regards the third part of the question, I am not prepared to ask Parliament to make any change in the existing law under which Scottish bank notes are not legal tender outside Scotland.
§ Mr. WATTIs not my right hon. Friend too much in the hands of the Bank of England; has he got an overdraft there?