Can Government print its own notes?

The request was successful.

Dear Her Majesty's Treasury,

I would like to request information regarding the printing of money and who is allowed to do it.

Rather than our government borrowing money from the privately (Rothschilds) owned Bank of England can our Government print its own notes, thus cutting out the Rothschilds interest rate and concentrating on the growth of our economy?

Yours faithfully,

Lee of the Edwardes family

Enquiries, CEU - HMT,

Dear Mr Edwardes,

Thank you for your Freedom of Information request. I write to confirm receipt of your request and to let you know that it is receiving attention. If you have any enquiries regarding your request do not hesitate to contact us.

Regards
Jhenene Simpson | Correspondence & Enquiry Unit, HM Treasury, 2/W1, 1 Horse Guards Road, London, SW1A 2HQ |

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Gannaway, Sarah - HMT, HM Treasury

Dear Mr Edwardes

Thank you for your email of 25 March 2011 regarding banknotes, which has been passed to me to reply.

You asked who is allowed to print money. Banknote issuance is usually a function reserved for central banks – for the UK, this is the Bank of England. The UK is highly unusual, however, in allowing a number of commercial banks to issue their own banknotes.

Under the Bank Charter Act 1844, the Bank Notes (Scotland) Act 1845 and the Bankers (Ireland) Act 1845, only the banks that had issuing rights at the time of the enactment of that legislation, and had sought the necessary certifications to continue issuing in accordance with those enactments, are permitted to issue banknotes in Scotland and Northern Ireland. Only the Bank of England may issue banknotes in England and Wales.

Of the original 21 banks authorised to issue banknotes in Scotland and Northern Ireland, only 7 now remain. In Scotland they are: Bank of Scotland; Clydesdale; and Royal Bank of Scotland. In Northern Ireland they are: Bank of Ireland; First Trust Bank; Northern Bank; and Ulster Bank.

Your email suggested that the Bank of England is privately owned by the Rothschilds family. This is not the case. Under the Bank of England Act 1946, the entire stock of the Bank of England was transferred to HM Treasury.

Further information on the Bank of England and banknotes is available on the Bank’s website: www.bankofengland.co.uk/banknotes

I hope you find this response helpful.

Sarah Gannaway

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angie of the elder family left an annotation ()

The US Government have done it, and can still do it, so why can't we? http://www.john-f-kennedy.net/thefederal...

Dear Gannaway, Sarah - HMT,

Thank you for your reply.

So does the interest that government pays on what it borrows, go to the queen ??

And where does all the tax for alcohol and cigarettes go then???? to government or the queen ??

Yours sincerely,

lee edwardes

Gannaway, Sarah - HMT, HM Treasury

Thank you for your message. I am at a team training day on Wednesday, 13th
April and will reply to your message on my return. If urgent you can try
to reach me on my mobile, [mobile phone number].

If your message contains an information request under the Freedom of
Information Act 2000, please direct your request to the Treasury's Central
Enquiry Unit email address: [email address].

Kind regards
Sarah Gannaway

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William Old left an annotation ()

Lee,

Your specific area of interest isn't clear from your enquiry, but you might also wish to research the interesting topic of "legal tender".

For example, you are legally entitled to refuse (for example) the settlement of a legal debt of £100 in 1p pieces. In addition, whilst Scottish banknotes (see original FoI answer) are not "legal tender" in England, only Bank of England £1 notes were legal tender in Scotland, and - as they are no longer printed - now no English banknotes whatsoever are "legal tender" in Scotland. Almost all shops and individuals will, however, accept them as payment.

Janos Abel left an annotation ()

The most important question* of Lee Edwardes was evaded by Ms Sarah Gannaway in her reply.

*Rather than our government borrowing money from the... Bank of England can our Government print its own notes, thus cutting out the... interest rate and concentrating on the growth of our economy?

Why no followup?

Simon left an annotation ()

Under the Bank of England Act 1946, the entire stock of the Bank of England was transferred to HM Treasury! The question is, who do they mean by HM?
1: Her Majesty Queen Elizabeth 2nd - The Woman who swore an oath to uphold god’s law
and the common law during the coronation ceremony in which she
took the thrown of the United Kingdom?
2: HER MAJERSTY IN RIGHTS OF ENGLAND the Sovereign independent nation of the inner city of London, the Crown Corporation?
Also known as, THE CORPORATION OF LONDON, THE CITY OF LONDON
CORPORATION.

Dear Gannaway, Sarah - HMT,

I am still awaiting a response to my reply.

So does the interest that government pays on what it borrows, go to the queen ??

And where does all the tax for alcohol and cigarettes go then???? to government or the queen ??

Please can you show me evidence under the FOI Act 2000, that proves that all stock was 'handed' over in 1946, why this happened and handed over by whom ?

And then can you answer if Government are able to print their own money please ?

Thank you.

lee edwardes

Gannaway, Sarah - HMT, HM Treasury

Thank you for your message. I am at an external meeting until 2pm on
Thursday 8 September.

For NS&I and Bona Vacantia, please contact Zoe McNulty. For Royal Mint and
coinage, Bank of England and banknotes, and gilts registration, please
contact Aleem Wallani. Alternatively, I'll reply to your message on my
return.

If your message contains an information request under the Freedom of
Information Act 2000, please direct your request to the Treasury's Central
Enquiry Unit email address: [email address].

Kind regards
Sarah Gannaway

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Communications via the GSi may be automatically logged, monitored and/or
recorded for legal purposes.

Enquiries, CEU - HMT, HM Treasury

Dear Mr Edwardes,

Thank you for your Freedom of Information request. I write to confirm receipt of your request and to let you know that it is receiving attention. If you have any enquiries regarding your request do not hesitate to contact us.

Regards
Jhenene Simpson | Correspondence & Enquiry Unit, HM Treasury, G/S.2, 1 Horse Guards Road, London, SW1A 2HQ |

Please consider the environment before printing this email.
http://www.hm-treasury.gov.uk

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responses, FOI - HMT, HM Treasury

1 Attachment

Dear Mr Edwardes

Please find attached response to your FoI request.

 

James

Information Rights

 

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Mike Carrol left an annotation ()

Interesting questions and answers!

angie of the elder family left an annotation ()

yes the government can and did print its own notes. Research the Greenback Dollar and the Bradbury Pound or Bradbury Treasury Note which was debt-free, then come back and tell me why it can't be done again http://www.lawfulrebellion.org/2012/11/1...