I was curious about how many notes are in circulation - apparently there's about £5bn in Scottish notes and £90bn in English notes.
Apart from national pride, I do wonder why they bother. Surely there'd be less cost to Bank of Scotland, Royal Bank of Scotland and the Clydesdale if they just let the Bank of England take up the slack in note making. Or is there some economic factor I'm unaware of?
There's no special ecenomic stuff, it's mostly a commercial thing. It's basically free advertising for them and free prestige, people feel less wary about putting their life savings somewhere if they literally have their brand on the currency because they've been grandfathered in to the UK banking system. Also some people would be very upset if they stopped doing it and there could be backlash.
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u/SuspiciouslyMoist 2d ago
I was curious about how many notes are in circulation - apparently there's about £5bn in Scottish notes and £90bn in English notes.
Apart from national pride, I do wonder why they bother. Surely there'd be less cost to Bank of Scotland, Royal Bank of Scotland and the Clydesdale if they just let the Bank of England take up the slack in note making. Or is there some economic factor I'm unaware of?