BoE Gets New Mandate for Payments Innovation

The Bank of England (BoE) is set to receive a new secondary objective to support innovation across payment systems and digital money. The UK government aims to strengthen its position as a global financial services hub by modernizing the country's payments landscape.

HM Treasury has confirmed that the BoE will report to Parliament each year on its progress in driving payments innovation. This new mandate will sit beneath the BoE's existing primary responsibility for maintaining financial stability.

The move comes as digital technologies continue to reshape payments, with the government seeking to ensure the UK's regulatory framework can support new technologies and business models while maintaining financial stability.