Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the case for issuing a central bank digital currency.

HM Treasury and the Bank of England are continuing to explore the case for a UK retail central bank digital currency (CBDC).

No decision has been taken on whether to introduce the digital pound.  The work currently being undertaken as part of the ongoing design phase will provide a rigorous view of the costs and benefits of the digital pound and take account of international developments and wider trends in money and payments, providing the evidence base for a decision on whether to proceed to a build phase. Any decision to proceed with the digital pound would be accompanied by the introduction of primary legislation, ensuring full Parliamentary scrutiny by both Houses of Parliament.