Currency and Banknotes (Amendment) Bill | TrackPolitics

Currency and Banknotes (Amendment) Bill

A Bill to amend the Currency and Banknotes Act 1954 to allow banknotes in addition to those issued by the Bank of England to be legal tender; and for connected purposes

Originating House

House of Commons

Last Updated

2 May 2012

In Plain English

AI-generated

This Bill would amend the Currency and Banknotes Act 1954 to allow banknotes issued by organisations other than the Bank of England to be legal tender, alongside Bank of England notes. It also sets out the related rules and processes needed to support this change.

Key Points

Allows non‑Bank of England banknotes to be designated as legal tender in the UK, subject to regulatory rules.
Creates a framework for who can issue such notes and how they are recognised in payments.
Maintains the Bank of England’s central role while enabling authorised issuers to operate within the law.
Includes provisions on regulatory, security and enforcement aspects to support the new system.

Progress

The bill is at the second reading in the House of Commons, where its general principles are debated. If supported, it will move to detailed scrutiny in Committee stage and then on to further parliamentary stages and the House of Lords.

Who is affected?

Private sector banknote issuersBank of EnglandRetailers and businesses that handle cashGeneral public / consumers who use banknotesRegulators and public authorities involved in currency supervision

Generated 21 February 2026

Updates & Documents

News (1)

News - Currency and Banknotes (Amendment)

1 Jan 1970

The Bill failed to complete its passage through Parliament before the end of the session. This means the Bill will make no further progress.

Parliamentary Votes (0)

No recorded votes for this bill yet.