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B877 - Legal Tender Bill 2015 watch

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    B877 - Legal Tender Bill 2015, The Rt. Hon. Aph MPA Bill to give the Euro legal tender rights within the UK.

    BE IT ENACTED by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

    1: Definitions
    Legal tender is defined as payment in a manner which is determined to sufficiently clear a debt and cannot be refused as payment of a debt assuming that its value is enough to cover said debt.

    2: Tender Regulations
    1) Monetary notes of value £5 and over in pound sterling is now legal tender across the whole of the United Kingdom.
    2) Monetary notes of value €5 and over is now legal tender across the whole of the United Kingdom.
    3) A person is not obliged to accept payment made in both currencies at the same time.

    3: Business Adaptions Required
    1) All businesses should keep sufficient stocks in both euros and pound sterling as change at all times and;
    1.1) Clearly display prices for all services in both currencies.
    2) Small businesses may apply to their local council for exemption to this bill.
    2.1) should their application be accepted they mush clearly display in all adverts that they only accept one currency.
    3) All employees may decide in which currency they are payed in.
    4) Failure to comply with this act will result in a £1000 fine per week of non-compliance.

    4: Short title, extent and enactment
    1) This bill may be cited as the 'Legal tender bill 2015';
    2) Will extend to the whole of Great Britain and Northern Ireland, and;
    3) Will come into effect April 1st, 2016


    NotesThis bill does not take the UK into the Eurozone but instead makes it easier for people to come to the UK from the EU on holiday and spend money as well as making trade easier with the rest of the EU without any financial risks.
    This will also make our prices more competitive with the EU as people will find it easier to directly compare prices between the UK and EU countries.
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    Birchington it seems that I Mis-spelled euro in the introduction could you correct it please?
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    (Original post by Aph)
    Birchington it seems that I Mis-spelled euro in the introduction could you correct it please?
    Done :yy:
    Although 'Ruro' would make a good currency name as well!
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    No, the bill places the dependence of the UK money supply on the ECB, interest rates would be chaotic when two currencies can be used in the country, businesses managing change in both currencies would be difficult, and monetary policies would be dependent on two banks. I suspect the bill will see an increase in the UK's money supply causing inflation but that depends on monetary policies which will be based on the workings of two central banks.
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    This would a ‘campussionate chaops’ – no, thanks. This is what electronic transactions and currency exchange offices are for… We can pay with bank cards and mobile phones almost anywhere these days.

    What we need is to make sure that electronic transactions abroad aren't so bloody expensive.
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    Nay. Can't people just pay by card?
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    (Original post by PetrosAC)
    Nay. Can't people just pay by card?
    Actually it is often not the case that you can pay by card. And when I go to say Spain on holiday my bank can charge me up to 20% of the money I withdraw in conversation charges from pounds to euros. If however I could say to my employer say 5 months before I went 'actually I'm going on holiday to Spain soon, could you start paying my wages in euros into my banκ?' Then my bank cannot charge my those charges.
    (Original post by Nigel Farage MEP)
    No, the bill places the dependence of the UK money supply on the ECB, interest rates would be chaotic when two currencies can be used in the country, businesses managing change in both currencies would be difficult, and monetary policies would be dependent on two banks. I suspect the bill will see an increase in the UK's money supply causing inflation but that depends on monetary policies which will be shared between two central banks.
    Small businesses can apply to be exempt and larger businesses (thinking about supermarkets) could open euro and pound checkouts.
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    Are you actually mad. Potentially a lack of real life and not ideology?

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    Nay. The only benefit this would have would be to prevent people from having to change their money when coming to/going from the UK, which is a negligible inconvenience at most and definitely outweighed by the confusion this would cause. Every time anyone asked how much something was they would have to follow up with 'Which currency?' and things would either be different prices in each currency because of inflation or the amount of one currency would fluctuate depending on the exchange rate. Speaking of inflation, how would inflation be effectively measured if there were two currencies?
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    (Original post by cranbrook_aspie)
    Nay. The only benefit this would have would be to prevent people from having to change their money when coming to/going from the UK, which is a negligible inconvenience at most and definitely outweighed by the confusion this would cause. Every time anyone asked how much something was they would have to follow up with 'Which currency?' and things would either be different prices in each currency because of inflation or the amount of one currency would fluctuate depending on the exchange rate. Speaking of inflation, how would inflation be effectively measured if there were two currencies?
    It wouldn't.
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    Nay. What a nightmare this would be in terms of the constantly fluctuating exchange rates and the burden on businesses.
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    Aph How are businesses meant to have a set euro price when the exchange rate between the Pound and Euro changes constantly?
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    (Original post by Saoirse:3)
    Nay. What a nightmare this would be in terms of the constantly fluctuating exchange rates and the burden on businesses.
    I think that large businesses would be able to cope and the fact that people would be able to spend their euros here would attract investment.
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    (Original post by United1892)
    Aph How are businesses meant to have a set euro price when the exchange rate between the Pound and Euro changes constantly?
    They would probably keep it relitively fixed and only change it when there is a massive shift in exchange rates. In the same way businesses manage Bitcoin transactions.
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    (Original post by Aph)
    Actually it is often not the case that you can pay by card. And when I go to say Spain on holiday my bank can charge me up to 20% of the money I withdraw in conversation charges from pounds to euros. If however I could say to my employer say 5 months before I went 'actually I'm going on holiday to Spain soon, could you start paying my wages in euros into my banκ?' Then my bank cannot charge my those charges.
    How would your bank know whether the money had been paid in pounds or euros? It would be the same amount of money, it's just there would be different numbers on the screen and the notes and coins would look slightly different depending on whether you chose to withdraw it in pounds or euros.
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    (Original post by Aph)
    They would probably keep it relitively fixed and only change it when there is a massive shift in exchange rates. In the same way businesses manage Bitcoin transactions.
    So items would be two different prices. Sorry but I fail to see how that's beneficial.
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    (Original post by Aph)
    I think that large businesses would be able to cope and the fact that people would be able to spend their euros here would attract investment.
    If they're of that belief they can do it anyway. It's no reason to make it a legal obligation.
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    (Original post by Aph)
    Actually it is often not the case that you can pay by card. And when I go to say Spain on holiday my bank can charge me up to 20% of the money I withdraw in conversation charges from pounds to euros. If however I could say to my employer say 5 months before I went 'actually I'm going on holiday to Spain soon, could you start paying my wages in euros into my banκ?' Then my bank cannot charge my those charges.

    Small businesses can apply to be exempt and larger businesses (thinking about supermarkets) could open euro and pound checkouts.
    Lesson here: Don't go to your bank to change currency. Take out money in the UK from an exchange, NOT the bank/at airport, and you'll get much better rates. If you have to withdraw foreign cash whilst abroad, you're doing something wrong, because I've never been charged 20% of what I withdraw.



    In any case, the costs and implications of having dual currency is ridiculous. Are you just going for another Bill which has only one Aye...? It actually took me a minute to work out whether this was a joke Bill or not. In any case, I can see why it was a PMB.
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    (Original post by cranbrook_aspie)
    How would your bank know whether the money had been paid in pounds or euros? It would be the same amount of money, it's just there would be different numbers on the screen and the notes and coins would look slightly different depending on whether you chose to withdraw it in pounds or euros.
    I imagine that the data would be sent to tell them that it's in euros. And even if banks didn't keep 2 currencies in one account the bank's wouldn't be able to justify those 20% sir-charges.
    (Original post by cranbrook_aspie)
    So items would be two different prices. Sorry but I fail to see how that's beneficial.
    in most places yes, see below for the benefit. I see thsi as all teh benefits of teh euro and none of the negatives.

    (Original post by Saoirse:3)
    If they're of that belief they can do it anyway. It's no reason to make it a legal obligation.
    The point of the legal obligation is to improve trade and even confusion between the uk and the rest of the EU. Unless you know the current exchange rate constantly you can never know if you are being ripped off.
 
 
 
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