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| *Loan,banking and credit>>>bank of scotland |
Why has Scotland got its own currency and why has wales got to have crappie bank of englAND? |
I think it would be easier to have a bank of great britain instead of one for scotland and one foe england and wales! It is too confusing! Ermmm Scotland had banks issuing notes before the act of union, wales never did. I live in Wales, I'm not confused! scotland had it's own currency before the union with england, but wales didn't and to be fair, money is money, what does it matter what it looks like, the economy works the way it is, introducing new currencies or getting rid of old ones just wouldn't make economic sense, that's part of the reason that we haven't joined the euro. And i dont' really understand how it's confusing, there's only 2 different sets of notes, and most places in scotland take english money, and vice versa To make it even worse Northern Ireland has it's own money too! Sterling is Sterling no matter what pretty pattern or picture is on it. Don't worry we will all be using the Euro soon! There is only one currency in the United Kingdom and that is Pound Sterling (GB拢 or GBP). The Bank of England is in all actuality the Bank of the United Kingdom but it retains the historic name it had prior to the creation of the UK. The other Bank of Scotland, Royal Bank of Scotland and the Bank of Ireland are merely private companies and despite having names similar to bank of England, they are entirely different things. If you are talking about bank-notes then it is complicated. Put as simply as possible, the Bank of England (which is State owned) has a legal monopoly on issuing UK monetary notes in England and Wales. However banks outside England and Wales are not restricted from printing their own UK monetary notes, provided that what they issue is always exactly equal to the amount of currency (Bank of England notes or Royal Mint coins) they hold in reserve. At the moment the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank all produce their own notes, which are the most common notes used in Scotland. In Northern Ireland notes are issued by the First Trust Bank, the Ulster Bank, the Bank of Ireland and the Northern Bank. All Sterling notes may be used as legal forms of currency and as a matter of courtesy and respect, once known to be valid, really should be accepted without exception wherever they are used. However while all the above are legal currency throughout the UK, from a purely technical point of view their status is as follows: *In England and Wales: Bank of England notes legal tender All Scottish and Northern Irish notes are promissory notes. *In Scotland and Northern Ireland: All notes, Bank of England AND the Scottish and Northern Irish notes, are promissory notes. largely wikipedia yea but no one wants to take Scottish money ...you can always spend crappy English money if you don't like it i will take it of your hands |
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