Commons Sense

House of Commons · Written Ministerial Statement

HM Treasury and Bank of England consultation response

25 January 2024 · Treasury

Proposed by Bim Afolami Con Hitchin and Harpenden

EconomyScience & TechnologyTaxation

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The Government and the Bank of England have responded to a consultation on the concept of a digital pound, a UK retail central bank digital currency.
  • The government commits to introducing primary legislation before any launch of a digital pound to ensure user privacy and control over money.
  • The government reiterates its commitment to protecting access to cash alongside the introduction of a digital pound.

Issue summary

The Government and the Bank of England have responded to a consultation on the concept of a digital pound, a UK retail central bank digital currency.

Action requested

The government commits to introducing primary legislation before any launch of a digital pound to ensure user privacy and control over money. They also reiterate their commitment to protecting access to cash alongside the introduction of a digital pound. The document is available online for further review.

Key facts

  • The UK is exploring the concept of a digital pound, issued by the Bank of England.
  • No decision has been made yet to build or issue a digital pound.
  • Primary legislation would be introduced before any launch of a digital pound to guarantee users’ privacy and control over their money.
  • Feedback from various industries and organisations supports the design proposition but raises concerns about access to cash, user privacy, and control of money.
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