The Bank of England is playing down the chances of an intrusive Central Bank Digital Currency today. A win for fans of privacy…
Briefings from staff at the Bank – which previously said it believed a “digital pound” was “likely” to be needed – indicate that the BoE is letting private businesses take the lead and won’t push for a CBDC at this time. They are pernicious risks to financial privacy and a successful hack could topple the system…
Later at his appearance before the Treasury Select Committee in the Commons today BoE Governor Andrew Bailey said private efforts could generate “huge benefits” themselves: “My view is, if that’s a success, I question why we need to introduce a new form of money.” Bureaucrats push for the currency to exact more control over transactions – which would all be stored on a central ledger. Raising taxes would be easier than ever…
Former Treasury minister and adviser to Burnham in the Makerfield campaign Lord Jim O’Neill, who has turned down a role in his government, said Burnham’s first statement Commons was:
“The last thing investors wanted to hear… gilt yields have risen by a 0.25% in one day, which is a lot. We’ve not had that since Liz Truss days… If your country is under the focus of ‘can they come up with a sensible fiscal strategy’ on a day when the markets think ‘well no, you’re not showing any sign of it’ you’re going to have a tough day…if it stays like this your mortgage rate is going up.”