HL Deb 31 October 1975 vol 365 cc856-7WA

asked Her Majesty's Government:

With which Minister or Government Department lies the responsibility for authorising the printing of additional money in this country; who decides the amount to be authorised and under what Parliamentary authority is such additional printing carried out.


The value of bank notes issued by the Bank of England is authorised by Treasury directions in accordance with the provisions of Section 2 of the Currency and Bank Notes Act 1954. The bank notes issued by some Scottish and Northern Irish banks must, except for a very small fiduciary element, be backed by equivalent holdings of Bank of England notes.