UK Finance response to BoE HMT Digital Pound consultation

UK Finance welcomes the opportunity to respond to His Majesty’s Treasury (HMT) and the Bank of England (BoE) joint consultation on a proposed digital pound.

UK Finance represents a diverse array of firms from all sides of the financial services industry and has a broad range of specialisms, and we are therefore in a strong position to reflect widely and in detail on the impacts and opportunities of a digital pound.

Our response calls out several key themes, including: the purpose and rationale of a digital pound, financial stability and credit creation considerations, strategic prioritisation and holistic vision for retail payments, a sustainable economic model, prioritisation of use cases, the role of intermediaries, fraud and economic crime resilience, consume protections, offline use, data privacy and the legal framework.