Angela
Eagle: I am happy to give the hon. Gentleman that
assurance. The clause would apply if the decision was taken to stop
issuing banknotes, not because of a sudden mechanical breakdown of the
printing machinery. I hope that that reassures
him. Question
put and agreed
to. Clause
205 ordered to stand part of the
Bill.
Clause
206Insolvency,
&c. Amendments
made: No. 25, in clause 206, page 99, line 13, leave out ‘an
insolvency process’ and insert ‘a provision about
insolvency’. No.
26, in
clause 206, page 99, line 27, leave
out ‘bank insolvency or insolvency’ and insert
‘insolvency (within the meaning of
section
203(6))’. No.
27, in
clause 206, page 99, line 34, leave
out ‘, to bank insolvency or to
insolvency’.—[Angela
Eagle.] Clause
206, as amended, ordered to stand part of the
Bill.
Clauses
207 to 212 ordered to stand part of the
Bill.
Clause
213Exemption Question
proposed, That the clause stand part of the
Bill.
Mr.
Gauke: Clause 213 seems a strange place to state that the
Bank of England is excluded from clause 207(1). I am
surprised that that was not dealt with in clause 207. Is the
Minister in a position to explain the statutory basis on which the Bank
of England issues
banknotes?
Angela
Eagle: 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. Question
put and agreed
to. Clause
213 ordered to stand part of the
Bill. Further
consideration adjourned.—[Mr.
Blizzard.] Adjourned
accordingly at one minute to Seven o’clock till Thursday 30
October at Nine
o’clock.
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