Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has had discussions with the Bank of England on the establishment of a state-backed digital currency.

The Chancellor has not had any formal discussions with the Bank of England about a state-backed digital currency. Whilst the Bank of England is not planning to create a central bank-issued digital currency, it has been carrying out research to understand any potential implications. For more information on this research, please visit this page: https://www.bankofengland.co.uk/research/digital-currencies