Clause 213
Banking Bill
6:45 pm
Angela Eagle (Parliamentary Secretary, HM Treasury; Wallasey, Labour)
The Bank of England is the UK’s central bank, so it is appropriate that it can issue banknotes throughout the UK, which is what clause 213 sets out. The right to issue notes in Scotland and Northern Ireland is a privilege and a long-standing tradition for those nations, but it does not preclude the Bank of England issuing notes. The legislation that authorises certain banks to issue banknotes is completely separate from that which gives the Bank of England the right to issue notes in the UK. Clearly, that is the legislative basis upon which the Bank of England operates. I do not have the exact title of the relevant Act in front of me, but I am happy to whisper it to the hon. Gentleman at a later stage in our proceedings if that will satisfy him.