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.