Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to reduce friction in the UK’s payments infrastructure.

The National Payments Vision, published at Mansion House 2024, sets out the government’s ambition for a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs. It sets out two key foundations to deliver the government’s vision: a clear, predictable and proportionate regulatory framework, and resilient payments infrastructure that supports innovation.

The Vision established a Payments Vision Delivery Committee, which is chaired by HM Treasury and attended by senior representatives from the Bank of England, Payment Systems Regulator and Financial Conduct Authority, to drive forward key outputs over the course of this year, including on payments infrastructure.

The Committee, through work led by the PSR and the Bank of England, will set out an approach for the development and delivery of the UK’s retail infrastructure needs and the required governance and funding model to achieve it.