The Treasury has just backed down over proposals which critics claimed could have jeopardised the future of Scottish banknotes. The issues are quite technical, but a deal is understood to have been struck which will allow Scottish banks to continue printing their own notes. It got me thinking and checking an old chestnut: do shops in England have to accept Scottish banknotes? And for that matter, what about those from Northern Ireland, and even more far flung parts of Britain?

Perhaps the surprising answer is ‘no’. Bank of England notes are the only banknotes that are ‘legal tender’ in England and Wales. Scottish, Northern Ireland, Jersey, Guernsey and Isle of Man banknotes are not legal tender in England and Wales.

But that doesn’t actually mean as much as I’d thought. They are a legal currency and shops can accept them if they wish. I’m always happy to accept them to settle any personal debts!