Draft Scottish Banknote (Designation of Authorised Bank) Regulations 2017

Jonathan Reynolds Excerpts

Tuesday 5th December 2017 General Committees

[Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)]

Thank you for calling me to speak, Mr Bone. The Opposition are aware that these changes come about as a result of the ring-fencing of the banks. They are surely a positive sign that financial institutions are on track to implement ring-fencing regulations, which we hope will build a more sustainable and robust financial system, on schedule in 2018. We therefore have no objections to the changes, provided that the issuing party remains consistent in future.

I have no other matters to raise, but I will just say that I have always believed that, as we are one country and one United Kingdom—that is the will of everyone in each part of the UK—we should surely take steps to ensure that Scottish banknotes constitute legal tender not just in Scotland but in England, Wales and Northern Ireland. However, that is a little beyond the remit of the draft regulations.