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Daily Record
10 hours ago
- Business
- Daily Record
Fascinating history of the Scottish banknote as English cash to get revamp
Scots are proud of our banknotes - and might even have a story of them being refused - so here is the run-down Scottish people are very protective of their money. The currency used in Scotland is the pound sterling (£), like the rest of the UK. However, what sets Scottish money apart is its series of banknotes issued by three Scottish banks. These are the Bank of Scotland, the Royal Bank of Scotland and Clydesdale Bank. These notes are legal tender across Scotland and should be accepted in the rest of the UK - but we all have a story of our Scottish notes being refused. Just this week, the Bank of England announced it will be redesigning its banknotes, the first major redesign in 50 years. Example designs include a dolphin, the Sycamore Gap tree and the Angel of the North sculpture in Gateshead. But what is the history behind Scottish banknotes? The history of Scottish currency stretches back to the 12th century when silver coins known as "sterlings" were first introduced. By the Act of Union in 1707, Scotland had developed a robust and diverse currency system. However, the need for a more flexible and efficient monetary system led to the introduction and eventual dominance of paper banknotes in Scotland. Scottish banknotes began evolving in the 17th century. The Bank of Scotland, established in 1695, was the first to issue paper money in Scotland followed by the Royal Bank of Scotland in 1727 and the British Linen Bank in 1746. These early banknotes were handwritten and issued on a temporary basis, with denominations based on the Scottish pound. They were bound in books and required the user to cut them out with a knife or scissors. Notes of £5 and upwards were huge - measuring at least 9in x 5in - and the BBC reports that at times, £1 notes were torn into halves and quarters and were accepted as the equivalent of 10 shillings (50p) or 5 shillings (25p) in coin. The Acts of Union 1707, combining Scotland and England into Great Britain, introduced the pound sterling to Scotland, eventually leading to the withdrawal of the Scottish Dollar. However, the right to issue their own banknotes was granted to the three select Scottish banks, a privilege that has endured through World Wars. Curiously, some reports suggest the Bank of Scotland was the first bank in Europe to print its own banknotes. This is not true - Stockholms Banco issued the first real banknotes in Europe. The Bank of Scotland became the second successful bank in Europe (after the Bank of England a year earlier) to issue notes. And in 1774, Bank of Scotland became one of the first banks in Europe to issue a note in two colours. When it comes to the design of Scottish bank notes, the country's rich history and cultural heritage plays a huge part. Early on, Scottish banks hired some of Britain's most prestigious engravers to produce eye-catching notes. They included William Home Lizars, a bookseller, publisher and engraver of plates for books. Scottish banknotes' distinctive design elements include complex watermarks and holograms for enhanced security. Banknotes have featured the Saltire, the thistle, and iconic Scottish landscapes and landmarks. Famous Scots, such as poets like Robert Burns, scientists like James Watt, and historical figures such as Mary, Queen of Scots, have also graced the banknotes, celebrating Scotland's significant contribution to the world. Another titbit when it comes to Scotland being cash innovators is that the first commemorative note issued anywhere in the European Union was only back in 1992, by RBS to mark the European summit held in Edinburgh. The note featured an engraving of Holyrood Palace, where the summit was held, as well as a colour version of the EU flag. The Commonwealth Games in Glasgow in 2014 saw the Clyde and Glasgow's Armadillo being featured on special edition banknotes and RBS issued a £5 note to commemorate the 250th anniversary of the birth of Robert Burns. Scotland's most recent entry into banknote history came in 2015, when the Clydesdale became the first bank in Great Britain to issue a polymer, or plastic, note. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. In 2025, Scottish banknotes must be protected, not only for their illustrious past, but for the country's future. The Mail found ATMs across the country now giving Bank of England tenners and twenties. Ex-Justice Secretary and Alba Party leader Kenny MacAskill said "Scottish bank notes are a matter of pride for Scots and banks must provide reassurance they are not being phased out against the wishes of their customers."
Daily Record
a day ago
- Business
- Daily Record
Four Bank of Scotland branches to close by end of 2025 as Lloyds axe dozens of sites
Bank closures are a trend that shows no sign of slowing down. Four Bank of Scotland sites have been confirmed as shutting in the coming months as closures continue to dog the industry. High streets across the UK are seeing financial hubs shut at a worrying speed. Since January 2015, more than 6,200 bank branches have closed in the UK, reports The Express. This works out at over 50 closures every month for the past decade. Elderly customers and those who prefer in-person banking to online services are finding it harder and harder as towns continue to lose their banks. Sadly, there seems to be no stopping the trend of the last 10 years. The latest closures have been confirmed by the Lloyds Banking Group, which includes Halifax and Bank of Scotland. Four BOS branches will shut their doors before the end of this year, according to the latest statements from the banking giants. While one of them is in Edinburgh, their Corstorphine site, it is rural bankers who will be hit the most. Following the capital closure on October 29, Pitlochry (October 30), Thornhill (November 3), and Moffat (November 19) will all lose branches. There are also a number of closures for Lloyds themselves, with 50 sites shutting, and Halifax, where 32 branches are expected to be axed. Elsewhere, NatWest has confirmed 54 further branch closures, with Spanish banking giants Santander announcing 42 sites shutting. There are nine Santander branches in Scotland that have closed this summer, with one more, Turiff, also due to shut but with no date confirmed yet. Bucking the trend, a couple of banks have held off on shutting sites, with another confirming they are to open three new branches. HSBC has said it won't have any more closures until at least 2026, while Nationwide announced it will stop any closures until 2028. American firm Metro Bank said it was opening three new branches in Gateshead, Chester, and Salford. Bank of Scotland sites to close Edinburgh (Corstorphine), October 29 Moffat, November 19 Pitlochry, October 30 Thornhill, November 3 Lloyds sites to close Biggleswade, November 5 Blandford Forum, November 10 Bristol Bishopsworth (Church Road), November 6 Bury, October 21 Chard, November 11 Coventry (Foleshill), November 4 Debden, November 12 Dunstable, November 4 East Grinstead, November 12 Feltham, November 4 Ferndown, November 17 Hexham, November 5 Hornchurch, September 11 Kidderminster, October 16 Leeds (Cross Gates), August 20 London Tooting, October 8 Manchester (Newton Heath), November 5 Plymstock, November 4 Pontardawe, November 20 Sheffield (Woodhouse), November 11 Shipston-on-Stour, November 11 Southall, October 15 Stoke-on-Trent (Trent), October 10 Walthamstow High Street, October 22 Halifax sites to close Barrow-in-Furness, September 10 Bexleyheath, October 23 Blackpool (South Shore), October 29 Bolton, November 20 Brentwood, September 10 Bristol (Kingswood), October 8 Carmarthen, October 6 Castleford, September 8 Cirencester, September 25 Crewe, October 14 Derby, October 23 Eltham, October 29 Epsom, September 15 Erdington, September 24 Folkestone, October 9 Hayes (Hillingdon), October 6 Hexham, November 11 Hove, October 20 London Clapham Junction, September 23 Long Eaton, September 18 Manchester (Stretford), October 15 Mold, October 16 Northwich, September 3 Rhyl, September 23 Richmond (Surrey), September 16 Skegness, September 3 Southport, October 7 Stevenage, October 23 Telford, October 22 Walkden, September 25 Wickford, November 10 Woolwich, October 1 NatWest sites to close Garstand, expected to be confirmed later Market Drayton, expected to be confirmed later Willerby, September 22 Abingdon, September 24 Birmingham (Acocks Green), September 16 Ashby-de-la-Zouch, expected to be confirmed later Bicester, September 30 Birmingham (Edgbaston), September 11 Birmingham (Shirley), October 1 Birmingham (Smethwick), September 25 Bridgwater, October 27 Bridport, October 29 Bristol (Fishponds), September 4 Cardiff (Canton), September 16 Cardiff (Llanishen), September 11 Chippenham, October 15 Cirencester, September 17 Cromer, expected to be announced Cwmbran, September 1 Dorchester, October 22 Ely, September 10 Evesham, expected to be confirmed later Halesowen, September 3 Hinckley, September 17 Honiton, October 21 Launceston, expected to be confirmed later Leamington Spa, October 1 Leicester (Melton Road), September 2 Leicester (Oadby), September 10 Leighton Buzzard, October 28 Llangefni, September 4 Lowestoft, October 15 Luton (Leagrave), September 15 Melton Mowbray, September 29 Midsomer Norton, October 8 Mold, October 21 Neath, October 13 Newmarket (Suffolk), September 24 Northampton (Weston Favell Shopping Centre), September 15 Paignton, October 2 Portishead, expected to be confirmed later Rayleigh, September 2 Redditch, October 14 Ringwood, October 1 Romsey, October 13 Stevenage, October 7 Stratford-upon-Avon, October 8 Sudbury, September 30 Torquay, expected to be confirmed later Trowbridge, October 16 Wellingborough, October 7 Wickford, September 18 Wisbech, September 1 Yate, September 25
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Historic Scottish golf club to open new course and clubhouse
Royal Dornoch Golf Club in Sutherland is consistently ranked among the world's finest golf courses, and is now forecasting a 30 per cent rise in advance bookings for the 2026 season compared to the same period last year. To meet this demand, the club has unveiled a master plan designed to reimagine its courses, enhance player facilities and amplify the region's golf tourism appeal. It said: 'At the heart of the vision is a revamped Struie Course, a brand-new 18-hole championship layout on prime Scottish linksland, and two additional short courses – one of which will be ideal for the club's growing junior programme. A state-of-the-art practice facility, a Himalayas-style putting green and the potential for lodges are also in the pipeline. The expansion is expected to create full-time and seasonal jobs once the new courses and accommodation are fully operational. Its new energy-efficient clubhouse funded through a £5 million package from Bank of Scotland's Clean Growth Finance Initiative is on track to open this December. Built to blend sustainability with tradition, the space will include solar panels, battery storage, underfloor heating and a dedicated archive room celebrating the club's history, which dates to 1616. Neil Hampton, general manager at Royal Dornoch, said: 'There's something really special about Royal Dornoch, you can feel the history under your feet. But that doesn't mean standing still. This isn't just about building new courses, it's about shaping what the next 50 years of golf in the Highlands can look like. 'With international visitors inspired by events like the Scottish Open, we're proud to offer a world-class links experience that reflects the scale and passion of the golf season. Supported by the Bank of Scotland and with our new clubhouse nearing completion, we're now perfectly positioned to meet that global interest with facilities to match. It's a special moment for the club, our members and the wider community.' Michael Thomson, relationship director at Bank of Scotland, said: 'Royal Dornoch is a jewel in Scotland's sporting crown - rich in heritage, but never afraid to innovate. What Neil and the team are building isn't just ambitious, it's thoughtful and forward-looking. 'We've proudly supported the club for over 40 years, and I can't wait to see what this next chapter has to offer, from sustainability to new jobs and visitor experiences.' Cottage offering gated access to Royal Troon listed for sale This Troon cottage just on the market for offers over £375,000 is definitely one for the golf fans. Set on a private plot at the end of Crosbie Road and immediately adjacent to Royal Troon, 'The Cottage' has an enviable position within one of the town's most prestigious addresses. There is gated access directly out to the 17th and 18th holes of the Portland Course and there are "views out across this beautiful links course from the lounge windows". The agent said: "This unique location is also within walking distance of the popular seafront, countryside and woodland walks, the amenities of the town centre, and within close proximity of the A77/M77 road network." Money HQ 💷 How you can beat unwittingly falling into 60 per cent tax trap This article appears as part of the Money HQ with Ben Stark newsletter.
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
More economic trouble is coming. And there's only one escape route
Unfortunately, although politicians say they like economic growth they generally have no idea how to nurture it and often act in ways which seem designed to slow the economy down. The UK Government's latest Employment Rights Bill is a perfect example. There are many things which encourage faster growth: a stable and not stifling regulatory regime, opportunity, social attitudes to wealth creation. In general the direction of travel for these factors is unhelpful but there is another obvious key factor - arguably more powerful than all the rest - which is curiously overlooked. That is the availability of money. For an entrepreneur to turn a great idea into a fledging business takes money and to grow that business into a company which creates jobs and wealth takes more money still. If we look back to the last period of really strong growth in the UK economy, the mid-1980s to about 2007, a lot of favourable factors were at play but the one which mattered most was that money was available in a way which it isn't today. During that time of strong growth Scotland was extraordinarily lucky to have the Bank of Scotland as its key economic facilitator. RBS may have been bigger but it never fostered growth in the same way as the Bank of Scotland did. A business person needing money for growth could go to see their local bank manager, who actually existed and whose job was to grow the bank's business from their branch. If the amount needed was bigger, you went up to the Head Office on the Mound to see somebody, probably called Gavin, Peter or Colin, who took time to understand your business and provided funding to support its growth. There would have been no Stagecoach or Sports Division able to grow rapidly whilst the founders retained control without Bank of Scotland providing finance based not on lending against assets but against the expected cashflows of the business. No public subsidy was involved, no stupid questionnaires to make sure woke targets were being met, just sensible people making commercial decisions which enabled hundreds of companies to get off the ground and grow. Read more It's time to cast aside prejudice and go for the cash Can anyone truly say the Scottish Parliament been a great success? I can't Who will tell the truth? Economically, we are in a mess The financial crisis of 2008 put paid to all that funding for growth and it has never been replaced. What sank RBS and HBOS was not supporting entrepreneurs but the same good old mistake behind almost all banking crises: too much lending against overvalued property. The price of the state bailout though was the dismantling of a support system which had served us well. The UK and Scottish Governments have tried to put in place schemes which provide sources of investment. The SEIS and EIS schemes where investors receive tax relief when investing in young companies is effective, the various government-backed banks including the Scottish National Investment Bank, rather less so. These new schemes provide equity finance whereas most entrepreneurs want debt; they don't want to give up too much control of their companies. Where debt finance is available for companies it now nearly always requires a personal guarantee from the directors of the borrower which acts as a deterrent and negates the whole point of having a limited liability company. What is needed to increase significantly the supply of money to fund growth is to switch the banking system back on as a major provider of risk funding. This won't happen on its own, the UK Government has to give it a shove. The former Bank of Scotland HQ on The Mound (Image: Newsquest) Each of our banks should be given targets for entrepreneurial lending and their progress monitored and reported on regularly. Entrepreneurial lending needs to be defined but its definition should be broad: lending to a company of up to £10million, the company must be a trading company and not own property or land. No personal guarantees allowed. Keep it simple. What the bank should get in return for this lending is that the interest and fees they earn are not subject to corporation tax. One or more banks will see the opportunity to get tax-free revenue by extending loans which are risker in order to help businesses grow. The regulator's instinct to do everything possible to stop such lending must be curbed. Mistakes must be allowed to be made. Not a spectacular initiative for a politician to announce, no ribbons for them to cut but if something like this was introduced it really would help growth.
The Sun
6 days ago
- Business
- The Sun
Lloyds Bank's profits soar by 5% to £3.5billion – with income climbing to £9.4billion
LLOYDS Banking Group posted a 5 per cent rise in first-half profits, hitting £3.5billion — with income climbing to £9.4billion. Meanwhile TSB, set to be taken over by Santander, reported a 77 per cent jump in net profit year-on-year to £139million. 5 Lloyds — which includes Lloyds Bank, Halifax and Bank of Scotland, rewarded shareholders with a 15 per cent boost to its dividend, totalling £731million, supported by strong lending and deposit growth. Customer deposits grew by £11.2billion after a strong season for ISAs, while more people moved money out of current accounts and into savings. However, boss Charlie Nunn warned Chancellor Rachel Reeves that higher taxes on banks could undermine economic growth. He said: 'It is important when you look at the City of London and the financial services sector that we remain a competitive tax regime.' 5 While Lloyds awaits a Supreme Court ruling on mis-sold car finance commissions, Mr Nunn said the bank continues to make progress on its £3billion transformation. Strong mortgage demand and cost control saw TSB's net interest income rise 7.9 per cent to £518million, while costs fell 6.1 per cent to £364million. HEAT HURTING CENTRICA 5 BRITISH GAS saw its residential supply arm's half-year earnings drop to £133million, from £156million a year ago, after warm weather hit heating demand. April's record warmth cost the Centrica-owned business £50million. Despite the hit, customer numbers rose 1 per cent to 7.5million households. Centrica's wider business reported underlying earnings of £549million, just over half of last year's £1.04billion. Bank of Scotland to Close 22 Branches: A Digital Transformation Boss Chris O'Shea vowed to boost growth via AI, as Centrica invests £1.3billion in Suffolk's Sizewell C nuclear plant. CARS CRAWL 5 UK car production has fallen to the lowest level since 1953, bar the 2020 pandemic. The Society of Motor Manufacturers and Traders said it fell 7.3 per cent in the first half of 2024 and van production plunged 45.4 per cent, amid economic uncertainty and US trade tariff threats. SMMT's Mike Hawes said it was 'very disappointing'. E-vehicle production rose 1.8 per cent, to 41.5 per cent of UK output. FONE SURGES 5 SALES in the UK at Vodafone soared 14.5 per cent to £1.65billion from April to June. It follows a merger with Three UK to create VodafoneThree, the UK's largest mobile network, with 29 million customers. Despite gains with Three's consumers, Vodafone lost 46,000 contract customers. As global revenues rose 3.9 per cent, boss Margherita Della Valle said the merger positions it for growth in Europe and Africa.
