Bank of England Gets New Payments Innovation Objective from UK Government

The UK government has announced plans to give the Bank of England a new responsibility to support innovation in payment systems and emerging digital money. This secondary objective will be subordinate to the bank's primary financial stability objective, according to the Treasury.

The change will be introduced through amendments to the Financial Services and Markets Bill, which will next be debated in the House of Lords on September 7 and 9. The new payments innovation objective is designed to support the development of payment systems that are safe, secure, and efficient.