Bank of England and Financial Services Bill [Lords]

Stephen Doughty Excerpts

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

[Jonathan Edwards]

That is certainly one of the names that I would like to see put forward.

[Stephen Doughty (Cardiff South and Penarth) (Lab/Co-op)]

The hon. Gentleman will note that two men—great men—have been recommended, but I would like to see more women represented on banknotes, whether they are Welsh or Bank of England notes. Does he agree that, whether or not one is a big spender, a resident of my own constituency, Dame Shirley Bassey, would be an excellent person to be on a Welsh banknote?

[Jonathan Edwards]

I am grateful for that intervention, too. I saw that name mentioned very honourably in this morning’s Labour press notice.

Like other parts of the UK, Wales was once awash with small banks covering relatively small geographical areas, and those banks were allowed to issue their own banknotes. The Bank Charter Act 1844 brought an end to Welsh banknotes and provincial banknotes in England, but that measure did not apply to Ireland or Scotland. Four banks in Northern Ireland and three in Scotland have the authority to issue their own banknotes, provided that they are backed by Bank of England notes. The amendments would allow Lloyds Banking Group, which holds the rights to the Bank of Wales brand and is in part publicly owned by Welsh taxpayers, to issue Welsh banknotes, just as is permitted for the three clearing banks in Scotland and four in Northern Ireland.