Source · Select Committees · Treasury Committee
First Report - The digital pound: still a solution in search of a problem?
Treasury Committee
HC 215
Published 2 December 2023
Recommendations
9
Accepted in Part
Ensure continued support for physical cash and improve digital literacy for financial inclusion.
Recommendation
The Government and Bank of England must resist the temptation to believe that a digital pound can fix problems it can’t, however, and a digital pound must not make financial exclusion worse. There is a risk that the introduction of …
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Government Response Summary
The government states a digital pound would complement cash and references its 2023 legislation giving the FCA powers to protect access to cash, with a new regulatory framework expected by summer 2024, but does not address digital literacy or universal access to digital pound services.
HM Treasury
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11
Accepted in Part
Para 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 …
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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.
HM Treasury
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