Source · Select Committees · Treasury Committee
Recommendation 11
11
Accepted in Part
Paragraph: 59
Report digital pound expenditure as a separate line item in Bank of England annual accounts.
Recommendation
The Bank of England has already incurred significant costs from its work on a digital pound, and its further work on the design of a digital pound will require increased expenditure in the coming years. It is important that the Bank of England and Treasury keep control of these costs to avoid spending more than necessary on a digital pound that might not proceed to being built. To ensure transparency around the costs incurred, we recommend that the Bank of England reports expenditure on the digital pound as a separate line item in its annual report and accounts from 2024 onwards.
Government Response Summary
The Bank acknowledges the request for transparency on digital pound costs, stating it currently reports CBDC costs within its broader fintech work, and will consider the appropriate future reporting mechanism.
Paragraph Reference:
59
Government Response
Accepted in Part
HM Government
Accepted in Part
The Bank acknowledges the Committee’s request for transparency around the costs incurred in the development of the digital pound. Costs on CBDC are currently reported in the Bank’s Annual Report in combination with our broader portfolio of fintech work. Additionally, in line with procurement law and the Bank’s procurement policy, procurement costs related to CBDC are publicly available. We are committed to transparency around our CBDC work, including on costs, and will consider the appropriate reporting mechanism going forward.