Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what is the Government’s policy on the creation of a Central Bank Digital Currency for the United Kingdom.

The Bank of England and HM Treasury are considering the case for a retail central bank digital currency in the UK, known as the digital pound. No decision has yet been made on whether to introduce the digital pound.

As set out in the Payments Forward Plan published by the Payments Vision Delivery Committee in February, the current design phase for the digital pound will run through 2026. Later this year, HM Treasury and the Bank of England expect to publish a blueprint setting out the proposition for a digital pound, as well as a decision on next steps, informed by a joint assessment exercise.