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UK banks told to innovate or face digital Pound

By Phoebe Seers ( July 30, 2024, 11:48 GMT | Insight) -- UK banks have been warned that if they fail to innovate to keep pace with consumers’ changing needs, the Bank of England will have no choice but to introduce a central bank digital currency. Banks have traditionally been wary of a Digital Pound — fearing an exodus of deposits into the new form of currency — but the Bank of England today said that if commercial banks fail to deliver safe and sustainable innovation in payments, it “may be left as the only game in town insofar as retail payments innovation is concerned.”UK banks have been warned that if they fail to innovate to keep pace with consumers’ changing needs, the Bank of England will have no choice but to introduce a central bank digital currency....

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