29 Jan 2014

Got change for £100m?

For the first time the Bank of England allows the £1m and £100m bank notes, which underpin the Scottish banking system, to be filmed. Economics Editor Faisal Islam gets his hands on them.

The £100m banknote is generally held by the Scottish banks in order to back-up banknotes that are issued in Scotland.

The notes are a physical manifestation of the relationship between the Bank of England and the Scottish banking system, something that was discussed on Wednesday by the Governor of the Bank of England Mark Carney.

Mr Carney diplomatically warned Scotland about the fiscal dangers of independence, and a table within his speech pointed out similarities between the size of Scotland’s banking system and those of Ireland, Iceland, Cyprus and Spain.

Scots will vote in the independence referendum in September.