§ Mr. Donald Stewartasked the Chancellor of the Exchequer if he held any consultations with representatives of the major Scottish clearing banks prior to his announcement that the pound sterling note is to be replace by a coin.
§ Sir Geoffrey HoweNo. The Royal Mint is consulting the banks and other major coin handlers about this matter.
§ Mr. Donald Stewartasked the Chancellor of the Exchequer what estimate, if any, he has made of the possible loss of revenue to the Scottish clearing banks if they lost the right to their own issue of Scottish pound notes.
§ Sir Geoffrey HoweNone. I have no plans to make any changes in the statutory powers of certain Scottish banks to issue bank notes.
§ Mr. Donald Stewartasked the Chancellor of the Exchequer if the Scottish clearing banks will continue to be able to issue their own pound notes in the light of his announcement that the £ sterling note is to be replaced by a coin.
§ Sir Geoffrey HoweI have nothing to add to the reply given to the right hon. Member for Orkney and Shetland (Mr. Grimond) on 2 February.
§ Mr. Donald Stewartasked the Chancellor of the Exchequer if the new issue of £ sterling coins is to be standardised, or if there will be a continuation of previous practice which ensures there is a distictive marking on the coins relevant to the constituent parts of the Kingdom.
§ Sir Geoffrey HoweNo decision has yet been taken as to the design of the new £1 and 20p coins.