‘Digital pound’ likely to launch this decade, says Treasury

    Simpson Wood
    9th March 2023
    Home » Blog Posts » ‘Digital pound’ likely to launch this decade, says Treasury

    The Treasury and the Bank of England (BoE) have suggested that a state-backed ‘digital pound’ is likely to be launched this decade.

    Both the Treasury and the Bank said that the public should have access to ‘safe’ digital money that can be used easily.

    A central bank digital currency (CBDC) would use similar technology to cryptocurrencies, but the digital pound would be ‘less volatile’, according to the BoE.

    Andrew Bailey, Governor of the Bank of England, said:

    ‘As the world around us and the way we pay for things becomes more digitalised, the case for a digital pound in the future continues to grow. A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.

    ‘However, there are a number of implications which our technical work will need to carefully consider. This consultation and the further work the Bank will now do will be the foundation for what would be a profound decision for the country on the way we use money.’

    A consultation has been launched on how the CBDC would work.

    Internet link: BoE website

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Autumn Statement Summary 2023

    The Chancellor, Jeremy Hunt, delivered his Autumn Statement on Wednesday 22 November. Our summary boils his 110 different proposals down to a concise report of the key points. The Autumn…

    Latest guidance for employers

    HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: Please contact us for help with tax matters. Internet link: Employer Bulletin

    Hybrid and remote working here to stay

    A large majority of UK business leaders plan to offer employees remote and hybrid working in the long-term, according to the Institute of Directors (IoD). A survey conducted by the IoD…

    Many firms still facing recruitment problems

    Many UK firms are still facing hiring issues as a result of challenging economic conditions, according to a report from the British Chambers of Commerce (BCC). 73% of firms surveyed by…

    Inflation rate holds steady as UK economy grows

    The UK’s rate of inflation held steady in September while the nation’s economy grew the month before, according to the latest figures from the Office of National Statistics (ONS). The…