Summary
The Labour party supports the idea of a state-backed digital pound to protect the Bank of England and the UK’s financial system. They want to ensure that privacy, financial inclusion, and stability are taken into account in designing a central bank digital currency.
Key Points
1. Labour supports the idea of a state-backed digital pound to safeguard the integrity and independence of the Bank of England and the UK’s financial system.
2. The party fully endorses the efforts of the Bank of England in exploring the concept of a central bank digital currency.
3. Labour emphasizes the need for careful consideration of factors like privacy protection, financial inclusion, and stability in the design of a digital currency issued by the central bank.