Digital Pound

Carol Monaghan Excerpts

Tuesday 7th February 2023 Commons Chamber

[Carol Monaghan (Glasgow North West) (SNP)]

I have a couple of questions about safeguarding. The Minister said in his statement that the Government will not

“have access to digital pound users’ personal data, except…under limited circumstances”.

Can he give me an assurance that those circumstances will not include Government agencies aggressively targeting vulnerable individuals, for whatever reason?

Several hon. Members have mentioned cash. We know that cash can give people financial independence, particularly if they are in a coercive relationship: not having somebody see every single spending decision they make gives them a slight amount of independence. What safeguards on the digital pound will be put in place to ensure that people still have that protection?

[Andrew Griffith]

I thank the hon. Member for those points; her point about safeguards against coercive control in particular is well made. This is where something like a digital pound can have utility: unlike existing banking relationships, but like cash, it is not subject to the caprices of a particular commercial entity that may apply its own policies. I commend our payment services industry—the UK is blessed with a strong, healthy and competitive banking sector—but for the safeguards that the hon. Member seeks, the digital pound would be additive to the current situation.