Bank of England and Financial Services Bill [Lords]

Lindsay Hoyle Excerpts

3rd reading: House of Commons & Report stage: House of Commons
Tuesday 19th April 2016 Commons Chamber

[Jonathan Edwards]

I beg to move amendment 4, in clause 36, page 34, line 15, at beginning insert—

“( ) Subject to the provisions of subsection (3A).”

This amendment and amendment 5 would enable Lloyds Banking Group, the holder of the Bank of Wales trademark, to issue banknotes in Wales.

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

With this it will be convenient to discuss amendment 5, page 34, line 44, at end insert—

“(3A) Regulations under subsection (1) must make provision authorising Lloyds Banking Group to issue banknotes in Wales”.

See the explanatory statement for amendment 4.

[Jonathan Edwards]

I am delighted that we have reached this group as I feared that our consideration on Report would be concluded prematurely. I therefore have only a very short speech, but luckily this is rather a straightforward and uncomplicated matter. If I had known that I would have far more time than I assumed—a rare privilege in this place—I would have prepared a far lengthier speech, quoting extensively from the masterpiece “A History of Wales” by the late, great John Davies, or John Bwlchllan as he was known to his friends, and from “When was Wales?” by the great historian who was a member of the Labour party and of Plaid Cymru, Gwyn Alf Williams, who retired to Drefach Felindre in my constituency.

I am delighted that my amendments 4 and 5 are being supported by the Labour Front-Bench team. When I was eating my cornflakes in the hotel this morning, it was a nice surprise to receive an email from David Williamson, the Western Mail correspondent, citing a press notice by the shadow Secretary of State for Wales saying that she supported my proposal. Perhaps this is the start of a beautiful new relationship, although I fear that I might be doing my best to scupper those sorts of endeavours after the election. I aim to press amendment 4 to a Division, with your permission, Mr Deputy Speaker.

I have spoken on this issue before in the Chamber, but I will reiterate a few points that I made on Second Reading. The amendment deals with the historical anomaly that prohibits Wales from producing its own distinctive banknotes. Both Scotland and Northern Ireland are allowed to do so, and so to celebrate their respective national figures and landmarks.