Northern Ireland Banknotes

HC Deb 20 July 1943 vol 391 c694

56. Mr. E. P. Smith

asked the Chancellor of the Exchequer to whom the profits arising from the issue of Northern Ireland banknotes accrue?

Sir K. Wood

The profits accrue to the banks of issue.

Mr. Smith

Is the Chancellor aware that profits from the Northern Ireland issue of banknotes and Scottish banknotes amount to very nearly£500,000 a year, and is not that a henroost on which he might usefully turn his predatory eye?

Sir K. Wood

Yes, Sir. I have already turned my eye in that direction. Profits are already subject to taxation.