Bank of England Gets New Objective to Boost Payments Innovation

The UK government has announced plans to give the Bank of England a new objective to support innovation in payments systems. This move aims to modernise UK payments regulation and create a more supportive environment for new payment technologies.

The proposed objective will tie in with the Bank's policy-making role in relation to critical financial market infrastructure, which includes systemic payment systems, central counterparties, and central securities depositories.

This decision is part of the government's wider programme to modernise the UK payments landscape. The new objective will be subordinated to the Bank's primary objective of protecting and enhancing the UK's financial stability.