Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she expects to receive the report from the Payments Vision Delivery Committee before the Conference recess.

At the Mansion House event in July 2025, the Payments Vision Delivery Committee set out a new model for the design and delivery of the next generation of retail payments infrastructure in the UK. The Committee’s publication can be found here: Payments Vision Delivery Committee Update - GOV.UK

Under the new model, the Committee will set the strategy for retail payments infrastructure in line with the ambitions of the government’s National Payments Vision, and this strategy will be translated into design by the new Retail Payments Infrastructure Board. The Board will be chaired by the Bank of England and will have broad representation from across the ecosystem. A new industry-owned and industry-led Delivery Company will be responsible for procuring and funding the new infrastructure, overseen by the Board.

The Committee will publish its strategy this autumn and the Bank of England is working at pace to establish the new Board with a view to its first meeting taking place in October.

The Committee will also publish the Payments Forward Plan by end-2025, including a sequenced plan of future initiatives and a recommended monitoring approach.