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In a statement on its website, Tide said it would not offer PAYG because it didn’t have government support that would help it extend the loans. More than 1.5 million so-called “bounce back” loans (BBLS) worth over 46.5 billion pounds ($64.9 billion) have been granted, but as much as 35-60% are forecast to default, according to government estimates. Finance minister Rishi Sunak said the additional PAYG support would give firms “breathing space to get back on their feet”, when the scheme was announced in February. “Tide has taken the difficult decision to not offer PAYG, as we would be unable to fund an extension for all BBLS members,” it said in the statement. A spokesperson for Tide declined to comment, referring Reuters to the statement on the lender’s website.
Persons: Tide, didn’t, Rishi Sunak, Oliver Prill, Martin McTague, Organizations: Tide, Wales, Federation of Small, Reuters, British Business Bank Locations: British, Britain, England
Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester, Britain, Septem,ber 21, 2018. More than 1.5 million so-called "bounce back" loans (BBLS) worth over 46.5 billion pounds ($64.9 billion) have been granted, but as much as 35-60% are forecast to default, according to government estimates. read moreFinance minister Rishi Sunak said the additional PAYG support would give firms "breathing space to get back on their feet", when the scheme was announced in February. Tide has provided at least 50 million pounds of BBLS, according to media interviews with its Chief Executive Oliver Prill last year. A spokesperson for Tide declined to comment, referring Reuters to the statement on the lender's website.
Persons: Pound Sterling, ber, Phil Noble, Tide, didn't, Rishi Sunak, Oliver Prill, Martin McTague, Lawrence White, Iain Withers, Emelia Sithole Organizations: REUTERS, Tide, Wales, Federation of Small, Reuters, British Business Bank, Thomson Locations: Manchester, Britain, British, England
(Adds details and background)LONDON, June 22 (Reuters) - Britain’s finance ministry said Catherine Mann, until recently the global chief economist at Citibank, will become the newest member of the Bank of England’s Monetary Policy Committee, and that Jonathan Haskel had been reappointed. “I am very happy to announce the appointment of Dr. Catherine L. Mann,” British finance minister Rishi Sunak said. “Her breadth of experience across policy, research and the private sector will be immensely useful to the MPC.”Before her three years at Citibank, Mann served as chief economist at the Organisation for Economic Co-operation and Development between 2014 and 2017. Mann’s appointment will increase the number of women serving on the MPC to two, as she joins Silvana Tenreyro. Haskel, an economics professor at Imperial College Business School, will serve a second three-year term, also starting on Sept. 1.
Persons: Catherine Mann, Jonathan Haskel, Mann’s, Gertjan, , Dr, Catherine L, Mann, Rishi Sunak, Silvana Tenreyro, William Schomberg, David Milliken Organizations: Citibank, Bank of England’s, Committee, MPC, , Organisation for Economic Co, U.S . Federal Reserve, Imperial College Business School Locations: British
Borrowing excluding public sector banks totalled 24.3 billion pounds ($33.8 billion) in May, down from 43.8 billion pounds in the same month in 2020, the Office for National Statistics said. Economists polled by Reuters had on average expected a shortfall of 26.0 billion pounds. The May figure took the deficit for the first two months of the 2021/22 financial year to 53.4 billion pounds. That was the second-highest on record but was down by almost 38 billion pounds from the April-May period of last year. Government spending in May fell by almost 11 billion pounds to just under 82 billion pounds.
Persons: Henry Nicholls, Samuel Tombs, Tombs, Rishi Sunak, Sunak, Boris Johnson's, William Schomberg, Andy Bruce Organizations: Bank, REUTERS, National Statistics, Reuters, European Union, Revenues, Sunday Times, Thomson Locations: City, London, Britain
REUTERS/Hannah McKayLONDON, June 22 (Reuters) - Britain's finance ministry named Catherine Mann, until recently the global chief economist at Citibank, to be the newest member of the Bank of England's Monetary Policy Committee as the central bank navigates its way past the COVID pandemic. "I am very happy to announce the appointment of Dr. Catherine L. Mann," British finance minister Rishi Sunak said. The finance ministry also said that Jonathan Haskel, an economics professor at London's Imperial College Business School, would serve a second three-year term. Before her three years at Citibank, Mann served as chief economist at the Paris-based Organisation for Economic Co-operation and Development between 2014 and 2017. British lawmakers have criticised the finance ministry for the low number of women appointed to senior roles at the BoE.
Persons: Hannah McKay LONDON, Catherine Mann, Gertjan Vlieghe, Dr, Catherine L, Mann, Rishi Sunak, Jonathan Haskel, BoE, Andy Haldane, Aaron Liu, Silvana Tenreyro, William Schomberg, David Milliken Organizations: Bank of England, REUTERS, Citibank, Bank of England's, Committee, MPC, London's Imperial College Business School, Economic Co, U.S . Federal Reserve, Citi, Thomson Locations: London, Britain, Paris, British, COVID, U.S
UK's Sunak considers cap to annual pension rise - Sunday Times
  + stars: | 2021-06-19 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak meets with U.S. Treasury Secretary Janet Yellen (not pictured), in London, Britain June 3, 2021. REUTERS/Hannah McKay/PoolUnder a pension promise in the Conservative Party’s 2019 election campaign, state pensions are meant to rise each year by the highest of the annual inflation rate, wage growth or 2.5%. Due partly to distortions from the coronavirus pandemic, annual wages in the three months to April grew by an annual 5.6% - creating an extra 4 billion pound ($5.5 billion) annual cost for future pensions. The Sunday Times said the finance ministry wanted to break the link between pensions and wages for a year. The Sunday Times said Sunak opposed raising capital gains tax.
Persons: Rishi Sunak, Boris Johnson’s, Janet Yellen, Hannah McKay, It’s, Sunak, ” Sunak Organizations: Sunday Times, U.S, Treasury, REUTERS, Conservative, Locations: British, London, Britain
Gold at over 1-month low after Fed's hint of early rate hikes
  + stars: | 2021-06-17 | by ( ) www.cnbc.com sentiment -0.97   time to read: +2 min
Gold prices hovered near a more than one-month low on Thursday as the dollar and U.S. Treasury yields jumped after Federal Reserve officials projected interest rate hikes sooner than expected. Following a drop of 2.5% in the previous session to its lowest since May 6 at $1,803.79 per ounce, spot gold was slightly up 0.2% as of 0039 GMT in early Asian trade. Futures on the federal funds rate, which track short-term interest rate expectations, raised bets that the U.S. central bank will tighten monetary policy in early 2023 after Fed projections showed at least two rate increases that year. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.1% to 1,045.78 tonnes on Wednesday. Silver gained 0.6% to $27.14 per ounce, palladium eased 0.1% to $2,794.16, while platinum rose 0.1% to $1,123.50.
Persons: Rishi Sunak, Silver Organizations: U.S, Treasury, Federal Reserve, Fed, Trust, Bank of Locations: U.S, Britain
Britain's Chancellor of the Exchequer Rishi Sunak attends a virtual press conference inside 10 Downing Street in central London, Britain March 3, 2021. Tolga Akmen/Pool via REUTERS/FilesJune 17 (Reuters) - British Finance Minister Rishi Sunak has ruled out further extension of support to businesses in England, despite the UK government forcing many to close for an extra four weeks, The Financial Times reported on Thursday. "What we did was deliberately go big and go long in terms of the support, we erred on the side of generosity," Sunak said in an interview to the paper, adding: "We very explicitly said at the time that was to accommodate delays to the road map." Reporting by Akriti Sharma in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Rishi Sunak, Tolga, Sunak, Akriti Sharma, Chris Reese Organizations: British, Financial Times, Thomson Locations: London, Britain, England, Bengaluru
UK inflation expectations well-anchored - Sunak
  + stars: | 2021-06-16 | by ( ) www.reuters.com + 0.96   time to read: +1 min
Britain's Chancellor of the Exchequer Rishi Sunak meets with U.S. Treasury Secretary Janet Yellen (not pictured), in London, Britain June 3, 2021. REUTERS/Hannah McKay/Pool/FilesLONDON, June 16 (Reuters) - British finance minister Rishi Sunak said medium-term inflation expectations in Britain are well anchored at around the Bank of England's target of 2%. "That's different to what's happening in the U.S. so I think actually here, people's expectation is inflation will remain at target over the medium term, but of course that's one of the many risks that it's my job to worry about," Sunak said in an interview with broadcaster GB News. Earlier on Wednesday, official data showed Britain's consumer price index topped 2% for the first time since mid-2019 when it came in at 2.1% in May. Reporting by Andy Bruce Writing by William SchombergOur Standards: The Thomson Reuters Trust Principles.
Persons: Rishi Sunak, Janet Yellen, Hannah McKay, Sunak, Andy Bruce, William Schomberg Organizations: U.S, Treasury, REUTERS, Bank of, Thomson Locations: London, Britain, British, U.S
Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. "The level of employment is still well below its pre-crisis level, suggesting there is still plenty of slack in the labour market," said Thomas Pugh, UK economist at Capital Economics. This paid wages on 8.9 million jobs at its peak in May 2020, during the first COVID lockdown, and supported 3.4 million jobs in April 2021. More recent ONS survey data pointed to a further fall to just over 2 million jobs by mid-May, and Tuesday's data showed the most job vacancies since the pandemicbegan. This category includes students and people caring for family, as well as those who have given up looking for work.
Persons: Eddie Keogh, payrolls, Thomas Pugh, Rishi Sunak Organizations: REUTERS, Capital Economics, Bank of England, ONS, Thomson Locations: Canary Wharf, London, Britain
Economic output rose by 2.3% month-on-month in April, marking the fastest growth since July, the ONS said, and slightly above the Reuters poll consensus for a 2.2% increase. However, British economic output remained 3.7% below its level in February 2020, before the pandemic led to lockdown measures, the ONS said. Construction output fell unexpectedly by 2.0% in April - although the ONS said this followed a hefty 5.8% jump in March. Last month the Bank of England raised its forecast for British economic growth in 2021 to 7.25% from February's estimate of 5.0%. That would be the fastest annual growth since 1941 when Britain was rearming during World War Two.
Persons: Paul Childs, Thomas Pugh, Boris Johnson, Johnson, Rishi Sunak, Samuel Tombs Organizations: REUTERS, Office, National Statistics, Capital Economics, Reuters, Bank of England, EU, Macroeconomics, Thomson Locations: Bedford, Britain, England, COVID, India
The UK economy grew 2.3% in April as the government eased restrictions on the service sector. The UK economy grew 2.3% in April, figures showed on Friday, as restrictions were relaxed and pubs and restaurants in England were allowed to serve people outside. Despite the strong growth, UK GDP remained 3.7% smaller than in February 2020, before COVID-19 struck, according to the ONS. Another factor boosting the UK economy has been the rapid national rollout of coronavirus vaccines. The vaccine drive has so far allowed the government to stick to its timetable for reopening the economy.
Persons: Jonathan Athow, Chancellor Rishi Sunak, Samuel Tombs Organizations: National Statistics, Pantheon, British Retail Consortium Locations: COVID, England, April's, India
UK economy posts record annual jump in April, up 27.6%
  + stars: | 2021-06-11 | by ( ) www.reuters.com + 0.97   time to read: +1 min
People walk at The Arcade shopping mall, amid the spread of coronavirus disease (COVID-19), in Bedford town centre, Britain May 25, 2021. REUTERS/Paul Childs/File photoBritain's economic output in April was a record 27.6% larger than 12 months before, official data showed on Friday, an increase that reflects recent reopening and the scale of disruption to everyday life early in the COVID pandemic. But British economic output is still 3.7% lower than in February 2020, before the pandemic led to lockdown measures. Last month the Bank of England raised its forecast for British economic growth in 2021 to 7.25% from February's estimate of 5.0%. That would be the fastest annual growth since 1941 when Britain was rearming during World War Two.
Persons: Paul Childs, Rishi Sunak Organizations: REUTERS, Reuters, National Statistics, Bank of England, Thomson Locations: Bedford, Britain
G7 finance ministers agreed a global corporate minimum tax of 15% at the UK summit on Saturday. Switzerland is discussing how it will mitigate the tax and The City of London wants an exemption. The City London and Switzerland are aiming to mitigate the effects of the global minimum tax plan agreed by the G7 group of nations. The central Swiss government has discussed ways to offset the G7's minimum tax rate with the 26 Swiss cantons, according to the Financial Times. Sunak is attempting to get the City of London an exemption to any minimum tax rate, according to reports.
Persons: Janet Yellen, Ernst Stocker, Rishi Sunak, they're Organizations: City, US, Google, Facebook, of, Financial Times, City of, Guardian Locations: Switzerland, City, London, City London, Cornwall, UK, Ireland, of London, Zurich, City of London
Climate, taxes and China: Investors are watching the G7
  + stars: | 2021-06-11 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +6 min
But G7 leaders could go even further ahead of crucial United Nations climate talks in Glasgow, Scotland this November. Taxes: Last weekend, the G7 finance ministers Last weekend, the G7 finance ministers backed changes to global tax rules , putting their support behind a minimum tax rate of at least 15% on multinational companies. China: Even though it's not a member of the G7, China — the world's second largest economy — looms large at the summit. G7 leaders are also looking at whether to back allocating $100 billion from the International Monetary Fund to support vaccinations and the economic recovery for countries most in need. The White House said in a statement Friday that more details would be given in the communique from G7 leaders expected over the weekend.
Persons: Joe Biden, Rishi Sunak, Sen, John Cornyn of, Pat Toomey, it's, Biden, Brett Callow, Ekram Ahmed Organizations: CNN Business, Bell, CNN, United, Investors, Apple, Facebook, Google, Republican, Washington, Initiative, International Monetary Fund, Electronic, Electronic Arts EA, EA —, FIFA, Madden, EA, University of Locations: London, Cornwall, England, Canada, France, Germany, Italy, Japan, United Kingdom, United States, Nations, Glasgow, Scotland, British, John Cornyn of Texas, Pennsylvania, China, Beijing, Xinjiang, Hong Kong, South China, United
Don’t cry for tax havens, Cayman Islands
  + stars: | 2021-06-11 | by ( ) www.reuters.com + 0.00   time to read: +3 min
Tourists walk on Seven Mile Beach at sunset in George Town, Cayman Islands July 28, 2011. Another part of the plan would set a global minimum corporate tax rate of at least 15%. The lack of a corporate tax has enticed companies like Facebook (FB.O) to use shell structures to reduce their levies. That means a race to the bottom on global levies will keep running. Another part of the plan would set a global minimum corporate tax rate of at least 15%.
Persons: Gary Hershorn, Rishi Sunak, Steve Cohen’s Point72, Ray Dalio’s Bridgewater, Noam Gottesman’s Organizations: REUTERS, Reuters, Financial Times, Facebook, Seven Locations: George Town, Cayman Islands, Cayman, Caribbean, Central America, Switzerland, Swiss, China, British
Analysis: G7 global tax plan may hit corporate titans unevenly
  + stars: | 2021-06-10 | by ( Tom Bergin | ) www.reuters.com + 0.00   time to read: +7 min
Four tax specialists concurred with Reuters’ methodology but noted that there is still uncertainty about how the measures would be applied, including which tax breaks are included in the 15% minimum overseas tax. Applying the same methodology to J&J, and its 2020 global profits of $16.5 billion, the healthcare company would see its global tax bill rise by about $270 million as a result of the first measure. Also at issue is which country the profit is moved from and to - and therefore what the increase in tax rate is. Excluding the impact of the first proposed measure, increasing the tax rate on overseas income to 15% would mean $45 million of additional tax. Applying a 15% tax rate to that overseas income figure would result in $990 million in additional taxes, according to Reuters’ calculations.
Persons: Rishi Sunak, Stefan Rousseau, Johnson, José Castañeda, , Organizations: Lancaster House, Reuters, Google, Inc, UK Treasury, Organization for Economic Cooperation, Thomson Locations: London, Britain, U.S, United States, Canada, France, Germany, Italy, Japan, United Kingdom, Paris, Bermuda
France expects minimum tax to yield "several billion" euros -minister
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +2 min
Daniel Leal-Olivas/Pool via REUTERS/File PhotoPARIS (Reuters) - France expects to raise several billions of euros in extra revenue from a global minimum tax rate currently being negotiated internationally, Finance Minister Bruno Le Maire said on Wednesday. Le Maire said that, under this pillar, France could expect to see 500 million to 1 billion euros in extra tax revenue whereas its existing digital services tax, which Paris has promised to repeal once there is an international deal, generates about 450 million euros per year. Some European countries had concerns that Amazon may fall outside the proposals for taxing “super-profits” because its overall operating margin is below the qualifying threshold of 10%. “I would like us to segment out Amazon’s activities so that what is highly profitable is subject to this digital taxation,” Le Maire said. “Amazon must pay this tax.”
Persons: Bruno Le Maire, Britain's, Rishi Sunak, Daniel Leal, Le Maire, , , ” Le Maire Organizations: Finance, Lancaster House, PARIS, Organisation for Economic Cooperation Locations: London, Britain, France, Paris
Slideshow ( 2 images )(Reuters) - British finance minister Rishi Sunak is pushing for the City of London to be exempt from a new global minimum corporation tax system championed by the Group of Seven (G7) economies, the Financial Times reported on Tuesday. Sunak raised the issue at the G7 talks in London, the report added, citing people briefed on the talks. Sunak is expected to make the case that the City of London should be exempt from the plan when talks move to the G-20 next month, the report added. “Our position is we want financial services companies to be exempt and EU countries are in the same position,” the report quoted one British official as saying. “The global tax agreement backed by G7 finance ministers reforms the global tax system to make it fit for the global digital age, achieving a level playing field for all types of companies”, a Treasury spokesperson said.
Persons: Rishi Sunak, 3zdHqtV, Sunak Organizations: City, Group, Financial Times, Ministers, Central Bank Governors Locations: British, London, United States, Britain,
A general view of the Canary Wharf financial district in London, Britain April 25, 2021. REUTERS/Kevin CoombsBritish finance minister Rishi Sunak is pushing for financial services firms to be exempt from a new global tax system which was agreed last week by the Group of Seven (G7) economies, sources familiar with the negotiations said. read more"The global tax agreement backed by G7 finance ministers reforms the global tax system to make it fit for the global digital age, achieving a level playing field for all types of companies", a British Treasury spokesperson said. A spokesperson for UK Finance, an industry group, said the sector made "a significant contribution" to the public finances. Britain's financial services industry already has to pay a levy on balance sheets and surcharge on profits, something Sunak has said he is reviewing.
Persons: Kevin Coombs, Rishi Sunak, Joe Biden, Banks, Sunak Organizations: Group, Saturday, European Union, for Economic Co, OECD, British Treasury, UK Finance, Thomson Locations: London, Britain, Kevin Coombs British, United States
UK pushes for City of London to be exempt from G7 global tax plan -FT
  + stars: | 2021-06-09 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
A general view of the Canary Wharf financial district in London, Britain April 25, 2021. REUTERS/Kevin CoombsBritish finance minister Rishi Sunak is pushing for the City of London to be exempt from a new global minimum corporation tax system championed by the Group of Seven (G7) economies, the Financial Times reported on Tuesday. Sunak raised the issue at the G7 talks in London, the report added, citing people briefed on the talks. Sunak is expected to make the case that the City of London should be exempt from the plan when talks move to the G-20 next month, the report added. "Our position is we want financial services companies to be exempt and EU countries are in the same position," the report quoted one British official as saying.
Persons: Kevin Coombs, Rishi Sunak, Sunak Organizations: City, Group, Financial Times, Thomson Locations: London, Britain, Kevin Coombs British, United States
Days before G7, PM Johnson's lawmakers attack "unBritish" aid cuts
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
British Prime Minister Boris Johnson leaves as G7 foreign ministers meet at Lancaster House in London, Britain, May 5, 2021. REUTERS/Hannah McKay/PoolLawmakers from the governing Conservative Party railed against Prime Minister Boris Johnson's cut to foreign aid spending on Tuesday, a show of defiance just days before their leader hopes to show off "global Britain" at a summit. "He (Johnson) goes into the summit in the teeth of a global pandemic when Britain is cutting its support to the poorest. No other country represented in the G7 is doing such a thing," he told parliament. One Conservative lawmaker supportive of the government said many voters believed that "charity starts at home".
Persons: Boris Johnson, Hannah McKay, Boris Johnson's, Johnson, Andrew Mitchell, Rishi Sunak, Mitchell Organizations: British, Lancaster House, REUTERS, Lawmakers, Conservative Party, Conservative, Labour Party, Conservatives, Thomson Locations: London, Britain, England
Anti-poverty groups criticise rich countries over G7 tax deal
  + stars: | 2021-06-07 | by ( John O'Donnell | ) www.reuters.com sentiment -0.98   time to read: +2 min
Stefan Rousseau/PA Wire/Pool via REUTERS/File PhotoAnti-poverty campaigners on Monday criticised a deal reached by seven wealthy countries to impose a minimum tax on multinational companies, saying it would benefit rich nations at the expense of the poor. "The G7 is a small club of rich and powerful countries," said Tove Ryding of Eurodad. Christian Hallum, a tax expert with Oxfam, said: "It is definitely skewed to the rich and unfair on the poor." He said a country hosting a company's headquarters had more clout in the scheme, adding: "This will see a massive transfer of money to rich countries." The Organisation for Economic Co-operation and Development, which helped drive wider tax reform, denied the deal would unfairly benefit the United States.
Persons: Rishi Sunak, Stefan Rousseau, Tove Ryding, Eurodad's Ryding Organizations: Lancaster House, Finance, Google, Oxfam, Eurodad, Tax Justice Network, Economic Co, Union, Facebook, Thomson Locations: London, Britain, United States, Europe, India, Ireland, Luxembourg, Netherlands
What now for the G7 tax deal on multinationals?
  + stars: | 2021-06-07 | by ( Leigh Thomas | ) www.reuters.com + 0.00   time to read: +6 min
PARIS (Reuters) - The G7’s weekend agreement on a global minimum corporate tax rate and arrangements for taxing multinationals paves the way for a broader deal in the coming weeks that could reshape cross-border taxation for years to come. The whole idea of the global minimum tax is that it gives countries the right to add a top-up tax on company profits in countries with tax rates lower than the global minimum. The OECD calculated in October that a global minimum tax could yield $100 billion a year, or 4% of global corporate income tax. Ireland, where many U.S. tech companies have big operations, has said it will keep its 12.5% corporate tax rate regardless of what gets decided internationally. While the corporate tax rate in the Netherlands is 25%, the Dutch began this year taxing outbound royalty and interest payments to places where the corporate tax rate is below 9%, and plans to do the same for outgoing dividends from 2024.
Persons: Paolo Gentiloni, Eurogroup, Paschal Donohoe, David Malpass, Daniele Franco, Bruno Le Maire, Chrystia Freeland, Britain's, Rishi Sunak, Olaf Scholz, Janet Yellen, Mathias Cormann, Taro Aso, Henry Nicholls, That’s Organizations: PARIS, World Bank, Italy's, French Finance, Canada's Finance, IMF, Germany's, Treasury, Organisation for Economic Co, Development, Japan's, Lancaster House, REUTERS, Organisation for Economic Cooperation, OECD, Apple, Google, Finance Locations: London, Britain, Paris, Venice, United States, U.S, British Virgin Islands, China, NETHERLANDS, LUXEMBOURG, SWITZERLAND, Ireland, Switzerland, Netherlands
BoE says 'stablecoin' payments need same regulation as banks
  + stars: | 2021-06-07 | by ( Reuters Staff | ) www.reuters.com sentiment -0.85   time to read: +1 min
FILE PHOTO: A general view shows The Bank of England in the City of London financial district in London, Britain, November 5, 2020. REUTERS/John Sibley/File PhotoLONDON (Reuters) - The Bank of England said on Monday that payments with ‘stablecoins’ - a form of digital currency - would need to regulated in the same way as payments currently handled by banks if they become widespread. The central bank added that it had made no decision yet as to whether it should issue its own central bank digital currency (CBDC) - a prospect dubbed ‘Britcoin’ by finance minister Rishi Sunak when he asked the BoE to look into this in April. “The prospect of stablecoins as a means of payment and the emerging propositions of CBDC have generated a host of issues that central banks, governments, and society as a whole, need to carefully consider and address,” BoE Governor Andrew Bailey said. “It is essential that we ask the difficult and pertinent questions when it comes to the future of these new forms of digital money,” he added.
Persons: John Sibley, ‘ stablecoins, , Rishi Sunak, BoE, , ” BoE, Andrew Bailey Organizations: Bank of England, REUTERS Locations: City, London, Britain
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