§ Lord BYERS
asked Her Majesty's Government:
With which Minister or Government Department lies the responsibility for 857WA authorising the printing of additional money in this country; who decides the amount to be authorised and under what Parliamentary authority is such additional printing carried out.
§ Lord JACQUES
The value of bank notes issued by the Bank of England is authorised by Treasury directions in accordance with the provisions of Section 2 of the Currency and Bank Notes Act 1954. The bank notes issued by some Scottish and Northern Irish banks must, except for a very small fiduciary element, be backed by equivalent holdings of Bank of England notes.