§ Mr. Michael Forsythasked the Chancellor of the Exchequer whether Scottish banks will be able (a) to continue to produce their own £1 notes and (b) to make them available for circulation throughout the United Kingdom.
§ Mr. Ian StewartIt is a matter for the Scottish note issuing banks whether they continue to produce their own £1 notes. Note issuing powers of Scottish banks under the Bank Notes (Scotland) Act 1845 are confined to Scotland. Section 1 of the Currency and Bank Notes Act 1954 together with section 11 of the Bank Charter Act 1844 grant exclusive rights of note-issue in England and Wales to the Bank of England.