Tag: Treasury

The press release issued by HM Treasury on 9 March 2023.

A new chair has been tasked to lead a wide-ranging review into the UK’s research and investment landscape – which helps attract some of the largest companies in the world.

• A new review into the UK’s research and investment landscape will formally kick off on Monday (13 March) – City Minister Andrew Griffith is expected to announce tomorrow in a speech at FIX trading
• Rachel Kent, senior partner in financial services at Hogan Lovells, has been announced as chair of the Review.
• Move comes just weeks before Financial Services and Markets Bill expected to receive Royal Assent – enabling us to deliver more of the Edinburgh Reforms

The review, which was first announced as part of the government’s Edinburgh Reforms, will formally kick off on Monday 13th March. It seeks to develop concrete steps the government can take to enhance London’s status as Europe’s leading listings destination, and only second globally.

Rachel Kent, an expert and senior financial services partner at leading global law firm Hogan Lovells, has been tasked by City Minister Andrew Griffith MP with leading the review, and has been asked to report within three months.

Speaking at the FIX trading conference, City Minister Andrew Griffith is expected to say:

Research matters – and the right depth and breadth of investment research is vital to ensure markets operate well and companies obtain the valuations they deserve.

I am therefore pleased to announce City expert, Hogan Lovells Partner Rachel Kent, will spearhead the Investment Research Review.

With her experience and knowledge of the sector, as well as the regulatory framework, I have every confidence Rachel will do a fantastic job at speedily convening the sector, looking at the evidence and finding solutions to improve the UK market for investment research.

I look forward to receiving her recommendations.

Investment research provides investors with information that allows them to understand a company’s business model, performance, and risks, and therefore to assess its value as an investment.

Concerns have been raised about the quality and quantity of investment research produced in the UK as compared to other jurisdictions – particularly for certain sectors like tech and life sciences – and that this could undermine valuations and therefore the attractiveness of the UK as a place to list and make it harder for companies to access private capital.

Through the review, the UK is seeking to identify and address some of these concerns, to ensure London maintains its unique attractiveness as a listing’s destination.

Attracting some of the largest companies in the world to list in the UK supports a broader ecosystem providing high-skill, and high-paying jobs for Brits up and down the country – widening opportunity and increasing revenues for the public purse.

Addressing these issues will help to deliver on the government’s plan to grow the economy and become a leading technology superpower.

The press release issued by HM Treasury on 8 March 2023.

Michael Andrew Higgins, 56, and Dean Emanuel Miller, 41, both from Sheffield, have been disqualified as company directors for a total of 17 years after separate Insolvency Service investigations found that through their respective companies they had each abused the covid loan support scheme.

Michael Higgins was sole director of Steel Rigging Ltd, which traded as a company providing driving services for vehicles on outside TV broadcasts, from its incorporation in March 2015 until it went into liquidation in December 2021.

In November 2020, Higgins applied for a £20,000 Bounce Back Loan to support his business through the Covid-19 pandemic, stating on the application that the company’s turnover for 2019 had been £80,000.

Bounce Back Loans were a government scheme to support businesses during the Covid-19 pandemic, in which companies could apply for loans of up to 25% of their 2019 turnover, to a maximum of £50,000.

Under the rules of the scheme, any loan money allocated was to be used for the economic benefit of the business, and not for personal purposes.

But Steel Rigging Ltd went into liquidation in December 2021, owing £23,900 – including the full amount of the Bounce Back Loan – and prompting an investigation by the Insolvency Service.

Investigators found that the company’s turnover had in fact been just under £40,000 in financial year ending 31 March 2019, and around £43,100 for the following financial year, meaning that the company had claimed at least £9,200 more in loan money than it was entitled to.

They also discovered that Higgins had transferred the £20,000 to his own bank account over a period of 3 weeks in January and February 2021, without any evidence to show that these funds were used for the benefit of Steel Rigging Ltd.

And in a separate case, Dean Miller, sole director of IBODYTALKS Ltd, an online health and fitness business also based in Sheffield, applied for a £42,000 Bounce Back Loan for his company in May 2020.

Miller stated in the application that the firm, which was incorporated in April 2019, had been dormant until April 2020, and used a predicted turnover of £168,000 to apply for the loan. Under the rules of the scheme, businesses incorporated after 1 January 2019 were asked to estimate their turnover.

But the company went into liquidation in October 2021 owing more than £40,000, triggering an Insolvency Service investigation.

Investigators discovered that IBODYTALKS Ltd had in fact been trading since December 2019, after finding that five deposits totalling £588 had been made into the company bank account between then and April 2020.

They calculated that IBODYTALK’s projected turnover for the year could only have been around £101,100, meaning that it had received more than £16,700 of loan money to which it had not been entitled.

Investigators also found that in June 2020, a month after the company received the loan, Miller transferred £41,000 to a connected company, and did not provide any evidence to show the money was used for the benefit of IBODYTALKS Ltd.

The Secretary of State for Business, Energy and Industrial Strategy accepted disqualification undertakings from the two directors, after both did not dispute that they had caused their companies to receive Bounce Back Loans to which they were not entitled, and failed to show that the money had been used for the economic benefit of their companies..

Michael Higgins’ disqualification lasts for 8 years and started on 3 January 2023. Dean Miller was banned for 9 years, beginning 1 February 2023. The disqualifications prevent them from directly or indirectly becoming involved in the promotion, formation or management of a company, without the permission of the court.

Lawrence Zussman, Deputy Head of Company Investigations at the Insolvency Service, said:

Covid support schemes were a lifeline to businesses across the UK, protecting jobs and preserving businesses.

Michael Higgins and Dean Miller abused the scheme, and their lengthy bans should serve as a reminder to others that the Insolvency Service will not shirk from its responsibility in taking action in order to protect the public and the taxpayer.

The press release issued by HM Treasury on 6 March 2023.

Takeaway owner from Oldham and company director from Kings Langley in Hertfordshire falsely claimed Bounce Back Loans totalling around £69,000 before dissolving their companies.

Rukia Begum, 46, from Oldham, and Simon Grant Gorgin, 63, from Kings Langley, have been disqualified for a total of 22 years after each separately claimed tens of thousands of pounds in covid support loans to which their companies were not entitled.

Begum was the sole director of New Polash Oldham Ltd, which traded as a takeaway from its incorporation in September 2018 until the company was dissolved in October 2020.

In May 2020, Begum applied for a £35,000 Bounce Back Loan for New Polash, stating that the takeaway’s turnover for 2019 was £154,000.

Bounce Back Loans were a government scheme to support businesses during the Covid-19 pandemic, in which companies could apply for loans of up to 25% of their 2019 turnover, to a maximum of £50,000.

Under the rules of the scheme, companies had to have been trading by 1 March 2020, and be actively trading at the time of the application. Any loan money allocated was to be used for the economic benefit of the business.

Two months after receiving the Bounce Back Loan, Begum applied to dissolve the company. She signed the application form, despite this stating that a failure to notify any creditors was an offence. When the Insolvency Service began its investigation in July 2020, the company owed the full amount of the loan.

Investigators found that Begum had exaggerated the turnover of her company by around £110,400, and that New Polash Oldham Ltd was only entitled to a Bounce Back Loan of around £11,000 based on the takeaway’s actual turnover.

She had also allowed the takeaway to continue trading in the three months before her application to dissolve New Polash Oldham Ltd – a breach of the Companies Act 1986.

In a separate case, Simon Gorgin, applied for a £45,000 Bounce Back Loan for his company, P3 Estates Ltd, in May 2020. Gorgin was sole director of the company, from its incorporation in April 2010 until it was dissolved in December 2021.

Yet Gorgin stated on the loan application that P3 Estate’s turnover in 2019 had been £180,000. A loan of £45,000 arrived in the company’s bank account the following day.

But a month earlier, in April 2021 he had applied to dissolve the company and by July of the same year P3 Estates still owed the full amount of the loan, prompting an investigation by the Insolvency Service.

Investigators discovered that P3 Estate Ltd had never traded, and had not been trading at the time of the loan application and so had not been entitled to receive any money under the scheme.

They also found that three days after the loan arrived in the company’s account, Gorgin had further breached the rules of the scheme by transferring the full £45,000 to his own bank account.

And Gorgin failed to notify the bank from which he had borrowed the money that he had applied to strike off the company – breaching a legal obligation for directors to notify creditors when dissolving their business.

The Secretary of State for Business, Energy and Industrial Strategy accepted disqualification undertakings from the two directors, after both did not dispute that they had caused their companies to receive Bounce Back Loans to which they were not entitled.

Simon Gorgin also did not dispute he had failed to cause his company to falsely apply for a Bounce Back Loan when it was not actively trading, failed to ensure the money was used for the economic benefit of the business and failed to give the required notice to the bank of the dissolution of his business.

Rukia Begum’s disqualification lasts for 10 years and starts on 9 February 2023. Simon Gorgin was banned for 12 years, starting on 5 January 2023. The disqualifications prevent them from directly or indirectly becoming involved in the promotion, formation or management of a company, without the permission of the court.

A compensation order is being recommended to recover the money from both directors.

Peter Smith, Deputy Head of Dissolved Company Investigations at the Insolvency Service, said:

Bounce Back Loans were designed to help businesses to survive the pandemic. Rukia Begum and Simon Gorgin abused the scheme and took taxpayers’ money at a time when many businesses were in genuine need.

Their lengthy bans should stand as a warning that we will take action against directors who abuse government support schemes.

The press release issued by HM Treasury on 1 March 2023.

Jonathan Hall has been reappointed as an external member of the Financial Policy Committee (FPC), the Chancellor of the Exchequer, Jeremy Hunt has announced.

Jonathan was appointed to the FPC in June 2020 and started his role at the end of August 2020. His first term as an external member of the Financial Policy Committee ends on 31 August 2023. His second 3-year term will end on 31 August 2026.

He is a member of the Founders Circle of the Institute for the Future of Work (IFOW) and is in the process of completing a PhD in Philosophy of Mind.

Jonathan helped establish Eisler Capital where he was a Portfolio Manager. He has also worked as an Advisory Director at Goldman Sachs where he sat on the Board and Executive Committee of ISDA, the Board of Tradeweb, the Financial Stability Board Market Participants Group on reforming Interest Rate Benchmarks, and the Bank of England Working Group on Risk-Free Reference Rates.

Prior to this, Jonathan spent 10 years at Goldman Sachs in London and New York. He became a Managing Director in 2006 and Partner in 2008. Before that, Jonathan worked at Credit Suisse Financial Products in London, Tokyo, Sydney and Hong Kong.

The press release issued by HM Treasury on 28 February 2023.

A national hub for fintech excellence will formally launch at an event in Leeds today, seeking to boost the sector’s growth and helping it to achieve truly global scale.

• a new government-backed national hub for fintech will formally launch at an event in Leeds on Tuesday (28th), boosting growth and innovation in the UK
• the Centre for Finance, Innovation and Technology (CFIT) will champion the UK’s world-leading sector, helping firms to achieve truly global scale
• the UK Infrastructure Bank has today (28 February) also announced that it is expanding its presence at its Leeds office – as it gears up to create around 280 job

The Centre for Finance, Innovation and Technology (CFIT) is the first of its kind in the world and is backed by £5.5 million of Treasury and City of London Corporation funding.

This new body seeks to build on the dominance of the UK’s fintech sector – that supports around 2,500 firms, tens of thousands of jobs in the UK, and is second globally only to the US for fintech investment – powering ahead of economic behemoths such as China and India.

It will provide a much-needed boost to people and businesses up and down the country, enabling them to benefit from new waves of technological change and innovation – widening consumer choice, cutting costs, and increasing efficiency for firms.

Economic Secretary to the Treasury, Andrew Griffith said:

The UK is a world-leading location for fintech growth and investment – it’s a real British success story and one that’s spread across the whole UK. Today’s launch of the Centre for Finance, Innovation and Technology doubles down on this, boosting prosperity and investment in exciting cities for growth and innovation such as Leeds.

It’s also great to see the UK Infrastructure Bank delivering on its mission to invest in the clean energy revolution and on much needed infrastructure – using its £22 billion of taxpayers’ money to help communities across the UK.

Charlotte Crosswell OBE, Chair of CFIT, said:

The launch of CFIT today represents a significant moment for the UK’s fintech sector and our economy more widely. This organisation will enable us to come together as a sector to start breaking down barriers that the fintech sector is facing while creating a clear path for our homegrown fintech companies to achieve global scale, impact and success.

Today’s announcement marks an important first step in our work supporting the growth and development of the UK fintech sector by empowering its talented innovators and trailblazers in every corner of the country.

Ron Kalifa, Chairman of Network International and author of the Kalifa Review of UK Fintech, said:

I am thrilled to see the Centre for Finance, Innovation and Technology (CFIT) – one of the key recommendations of the 2021 Kalifa Review – launch in Leeds today.

The Centre will be instrumental in fostering collaboration between industry, academia and policymakers, promoting innovation, and turbo-charging the adoption of new technologies for businesses and consumers. I have no doubt that it will enable the UK’s fintech sector to become more competitive, and I look forward to seeing the impact it will have across the UK in the weeks, months and years to come.

The Centre has been established in response to Ron Kalifa’s Review into UK fintech. Since this report was published in 2021, government has been working across industry and regulators to deliver on the recommendations, including introducing a fast-track visa system for fintech scale ups, implementing an FCA scale box allowing innovators to trial new products, and reforming our listings regime to maintain the UK’s position as Europe’s dominant capital markets hotspot.

At launch event CFIT will announce new coalitions of experts from across finance, technology, academia and policy-making. They will focus on helping fintechs achieve truly global scale, building on the UK’s recent success which saw the UK grow from two ‘unicorn’ firms (over $1 billion valuation) in 2020, to today where we have more than 20 – almost half of all the fintech unicorns in Europe.

CFIT will announce the establishment of financial innovation hubs with comprehensive reach across the UK’s nations and regions – including in key growth centres such as Leeds. The city has seen enormous fintech growth since 2020, with its number of fintech firms more than doubling to 107, and valuation of firms doubling to reach £710 million – supporting over 7,500 jobs.

CFIT’s Chair Charlotte Crosswell will also announce a range of new partnerships she and her team have agreed to support CFIT’s growth ambitions. Further details on these new partnerships, and which areas will be established as innovation hubs will be set out at the event.

Ahead of the launch, the Economic Secretary, Andrew Griffith MP, will be visiting the UK Infrastructure Bank’s (UKIB) site in Leeds, where he will officially open expanded office space for UKIB staff, as they gear up to take on around 280 staff. The Bank currently has around 180 staff, with an increasing number of permanent employees.

Since its introduction 20 months ago, the bank has announced ten significant investments in sectors ranging from solar energy to fibre broadband, and has crowded in £4.6 billion of private finance in the process.

The City of London Corporation Policy Chairman, Chris Hayward, said:

The UK’s fintech sector is a true British success story. The launch of the Centre for Finance, Innovation and Technology (CFIT) today will help to maintain our dominant position globally. I look forward to continuing to work in partnership with CFIT to further unleash the potential of this sector.

UK Infrastructure Bank CEO, John Flint said:

The fact we are anchored in Leeds is a key part of our identity. It aligns with our mission to drive up regional and local economic growth. It also makes us part of a growing movement, with many other significant organisations – for example, Channel 4, the Financial Conduct Authority, and the National Infrastructure Commission – establishing or expanding bases here. I am grateful to the Minister for helping us to mark this milestone, as we expand our presence in the city.

Today’s announcements deliver on the Chancellor’s ambition for the UK to become a technology superpower, as set out recently in his Bloomberg speech. And they deliver on the Prime Minister’s five priorities, helping to grow the economy.

The press release issued by HM Treasury on 20 February 2023.

Jane Ridley and Hughie O’Donoghue have been reappointed to the Royal Mint Advisory Committee (RMAC) today (20th February).

Both are existing members of the RMAC, having served two terms between 1st January 2015 and 31st December 2022.

Their third term will now conclude on 31st December 2024.

Economic Secretary to the Treasury, Andrew Griffith said:

“I am delighted that Jane Ridley and Hughie O’Donoghue have agreed to serve a third term on the Royal Mint Advisory Committee.

“Their expertise and experience serving on the Committee for a number of years has, and will continue to provide effective input into the development of UK coin design.”

The Royal Mint Advisory Committee on the Design of Coins, Medals, Seals and Decorations was established in 1922 and advises the Chancellor on new designs for United Kingdom coins. It also advises government departments on new designs for official medals and seals. Its members are appointed by HM The King on the recommendation of the Prime Minister.

The press release issued by HM Treasury on 15 February 2023.

Director of haulage company fraudulently applied for a £50,000 Bounce Back Loan and then applied to dissolve the company.

Kulwinder Singh Sidhu, 58, from Stanwell, has been sentenced to 12 months imprisonment, after pleading guilty to offences under the Companies Act and the Fraud Act, having abused the Bounce Back Loan financial support scheme in 2020.

Sidhu was director of Wavylane Ltd, a haulage company based in Stanwell, and which had been trading since 2010.

On 9 June 2020 Sidhu applied for a £50,000 Bounce Back Loan from his bank on behalf of his business. Under the Bounce Back Loan scheme, genuine businesses impacted by the pandemic could take out interest-free taxpayer-backed loans of up to a maximum of £50,000.

The loan was paid into the company bank account and on 26 June 2020 Sidhu filed paperwork with Companies House to have the business dissolved, having transferred the funds to his personal bank account within two days of receipt.

The striking-off application to dissolve the company was explicit that interested parties and creditors, such as a bank with an outstanding loan, must be notified within seven days of making an application to dissolve a company. The form also highlighted that failure to notify interested parties is a criminal offence, however Sidhu did not follow these rules.

The company was dissolved in October 2020, and was subsequently identified as likely Bounce Back Loan fraud by the Insolvency Service and cross-government counter-fraud systems.

The Insolvency Service investigation found that Sidhu had fraudulently overstated the company turnover in the Bounce Back Loan application, and within two days of receiving the money he had transferred it to his personal account before dispersing the funds to his son and another company.

He pleaded guilty to charges under the Companies Act 2006 and Fraud Act 2006 at Guildford Crown Court on 19 December 2022. He was sentenced on 13 February 2023 at Guildford Crown Court.

The court imposed a confiscation order for £50,000, and Sidhu has paid this in full.

In addition to the custodial sentence, Sidhu was also disqualified as a director for six years.

Julie Barnes, Chief Investigator at the Insolvency Service said:

Our action has ensured repayment of the loan money and taxpayers have not been left out of pocket.

Any other company directors who might be tempted into dissolving their business to try to keep public money they are not entitled to, should be aware they are risking a lengthy prison term.

The press release issued by HM Treasury on 15 February 2023.

The latest Tax-Free Childcare statistics reveal more than 405,000 families used the scheme in December 2022.

More than 405,000 families saved on childcare costs in December thanks to Tax-Free Childcare and HM Revenue and Customs (HMRC) is urging those yet to sign up not to miss out.

The latest figures revealed by HMRC show £41.5 million in government top-up payments were made to working families across the UK in December 2022 and an increase of more than 77,500 families using the scheme compared to December 2021. Each family saved up to £2,000 a year per child or £4,000 if their child is disabled.

Tax-Free Childcare is a financial support for working families with children up to the age of 11, or 16 if their child has a disability. The government top up can be used to pay for any approved childcare including holiday clubs, breakfast and after school clubs, child minders and nurseries.

Opening a Tax-Free Childcare account is quick and easy and can be done at any time of the year.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

We want to help families get the most out of their finances and Tax-Free Childcare can help pay towards their childcare costs. Search ‘Tax-Free Childcare’ on GOV.UK to get started.

For every £8 paid into the Tax-Free Childcare account, families automatically receive an additional £2. Families can save up to £500 every three months (£2,000 a year) for each child or £1,000 (£4,000 a year) if their child is disabled.

More than one million families in the UK are entitled to some form of government childcare support and the government is encouraging those eligible not to miss out on their entitlements. Families can find out more about Tax-Free Childcare via the Childcare Choices website.

The government is offering help for households. Check GOV.UK to find out what cost of living support, including help with childcare costs.

The press release issued by HM Treasury on 13 February 2023.

Thomas Whyte claimed £50,000 Bounce Back Loan for dormant Scottish restructuring business, and withdrew cash before firm was wound up.

Thomas Whyte, 76, from Carluke, was the sole director and shareholder of Fortress Restructuring Ltd until it was wound up following an Insolvency Service investigation in February 2021.

In May 2020, Whyte applied for a £50,000 Bounce Back Loan for the company, stating on the application that its turnover was £250,000.

In October 2020 representatives of Fortress Restructuring Ltd advised the Insolvency Service that it had no trading address, had never traded and was not currently trading.

Following the liquidation, investigators discovered that up to the end of April 2019, accounts filed with Companies House showed that Fortress Restructuring Ltd was dormant, and the company’s only asset was £100 share capital.

On the day Whyte applied for the loan, the company in fact had just £203 in its bank account, and less than £1,000 had been received into it over the preceding year.

The Secretary of State for Business petitioned for the company to be wound up in the public interest, and the petition was presented at the Court of Session and issued publicly in the Gazette on 1 February 2021, with a copy emailed to Whyte four days later.

Thomas Whyte denied to the Insolvency Service that he had received the petition until late February, although he acknowledged receipt of the email on 5 February 2021, and between 5 and 16 February the balance on the company bank account reduced from £28,150 to a little over £1,590 with payments made to Whyte, the company accountant and others.

The Secretary of State accepted a disqualification undertaking from Thomas Whyte on 7 February 2023 after he did not dispute he had applied for a Bounce Back Loan for his company to which it was not entitled, and had disposed of substantial funds when he knew, or ought to have known, the company was being wound up.

His ban begins on 28 February 2023 and lasts for 10 years. The disqualification prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company, without the permission of the court. The Insolvency Service investigation did not find evidence that warranted any disqualification action against any other individuals in relation to Fortress Restructuring Ltd.

The company’s liquidator has recovered £37,500 from Whyte towards the £50,000 owed.

Rob Clarke, Chief Investigator at the Insolvency Service, said:

Bounce Back Loans were for trading companies adversely affected by the pandemic and to be spent on legitimate business expenses.

The fact that Fortress had filed dormant accounts, and only £949 had passed through its bank account should have made it abundantly clear to Thomas Whyte that his company was not entitled to a £50,000 loan, yet he took it anyway and used the majority of that money for his own benefit.

We thank the liquidator for their efforts which have seen £37,500 recovered, and repeat that we will not hesitate to take action against directors who have abused Covid-19 financial support in this manner.

The press release issued by HM Treasury on 7 February 2023.

A digital pound is likely to be needed in the future according to a consultation paper published today by HM Treasury and the Bank of England.

• the Treasury and the Bank of England are consulting on a potential digital pound, or central bank digital currency (CBDC)
• a digital pound would be issued by the Bank of England and could be used by households and businesses for everyday payments in-store and online
• if introduced a digital pound would be interchangeable with cash and bank deposits, complementing cash
• no decision has been taken at this stage to introduce a digital currency

The Bank of England will now take forward further research and development work and the public are being invited to give their views on the scheme to be taken forward.

The consultation is being launched because both HM Treasury and the Bank want to ensure the public have access to safe money that is convenient to use as our everyday lives become more digital, while supporting private sector innovation, choice and efficiency in digital payments.

Chancellor of the Exchequer, Jeremy Hunt said:

While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy to use.

That’s why we want to investigate what is possible first, whilst always making sure we protect financial stability.

Governor of the Bank of England, Andrew Bailey, said:

As the world around us and the way we pay for things becomes more digitalised, the case for a digital pound in the future continues to grow. A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.

However, there are a number of implications which our technical work will need to carefully consider. This consultation and the further work the Bank will now do will be the foundation for what would be a profound decision for the country on the way we use money.

What would a digital pound look like?

• It would replicate the role of cash in a digital world, so that it is risk-free, highly trusted and accessible
• £10 of a digital pound would always be worth the same as £10 of cash
• Issued by the Bank of England, widely available and convenient to use
• Subject to rigorous standards of privacy and data protection – neither Government nor the Bank would have access to personal data and holders would have the same level of privacy as a bank account
• Accessed through digital wallets offered to consumers by the private sector through smartphones or smartcards
• Intended for payments, online, in-store, and to friends and family, rather than savings, with no interest paid on holdings
• Initial restrictions on how much an individual or businesses could hold

Countries around the world are considering similar proposals including the Eurozone and the US and China.

Unlike cryptoassets and stablecoins, the digital pound would be issued by the Bank of England and not the private sector. We are separately already legislating to protect Access to Cash.

This means that it will have intrinsic value and not be volatile, unlike unbacked cryptoassets as there would be a central authority to back it.

The needs of vulnerable people are being considered in the digital pound design process ensuring that it would be simple and straightforward to use and understood and trusted by the public as a form of money.

A decision about whether to implement a digital pound will be taken around the middle of the decade and will largely be based on future developments in money and payments. The earliest stage at which the digital pound could be launched would be the second half of the decade.