BBC News – Make foreign currencies legal in UK – Douglas Carswell

Via BBC News – Make foreign currencies legal in UK – Douglas Carswell:

A Conservative MP is to call for a basket of foreign currencies to be made legal tender in the UK.

Such a move would protect savers by allowing them to hold the currency least likely to be devalued, Douglas Carswell will argue in the Commons.

And it would allow consumers to shop around for the best currency deal – perhaps via a smart phone application – when buying goods in shops or online.

Mr Carswell will set out his case on Tuesday in a 10-minute rule bill.

Tags: , , , ,

Comments & Responses

3 Responses so far.

  1. Paul says:

    Does he explain how shops are supposed to cope with the different currencies?

  2. Steven Sahw says:

    Forcing all UK companies (small and large) to accept a suite of foreign currencies doesn’t seem like the right thing to me. Surely this would add a lot to the cost of doing business? Removing the requirement for businesses to accept stirling seems more appropriate to your ends. Then it’s an opt-in/opt-out process.

    The GBP has been devalued a lot over the last few years. Are you expecting further QE from the BoE?

    • Steve Baker says:

      At this stage, Douglas has floated an idea. My view is that the Bill should promote choice in currency, not force people to accept every currency in the basket. There would be a basket of currencies, any one of which would be legal tender.

      Of course, simply abolishing all legal tender laws would be an option.