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Navigating the Digital Pound: What You Need to Know

An accountants perspective ...


Posted by Roger Eddowes on 11/09/2023 @ 8:00AM

I wanted to discuss the recent developments surrounding the proposed introduction of a retail Central Bank Digital Currency, commonly referred to as the 'digital pound'. The Bank of England and HM Treasury have been actively consulting on this matter ...

While the digital pount has potential benefits, it's essential to approach any changes with caution!

While the digital pount has potential benefits, it's essential to approach any changes with caution!

copyright: grandeduc / 123rf

Earlier this year, the BoE and the Treasury proposed the introduction of a digital pound. This initiative aims to provide public access to retail central bank money, ensuring trust in our increasingly digital monetary system and bolstering monetary and financial stability.

"The UK's goal is to maintain its position as a global leader in banking and finance!"

The introduction of a digital pound could alter the dynamics of our current payment methods. We might see higher transaction fees, reduced cash availability, and potential market imbalances. It's essential to understand the broader implications for retail payment chains.

However, for the digital pound to gain traction, it must offer a seamless payment experience, akin to current methods. This transition will involve trade-offs, and the private sector's role in resolving potential issues will be pivotal.

While the digital pound offers a risk-free digital asset, our existing payment systems provide additional risk mitigation and protection. A regulatory framework will be crucial to bridge the gaps between existing regulations and commercial protections.

"A significant concern that I'd like to highlight is the potential impact on the elderly and vulnerable populations!"

As we transition towards digital currencies, there's a risk that these groups might face challenges, especially if they aren't tech-savvy. Reduced access to physical cash could pose difficulties for those who rely on it for daily transactions. It's crucial for policymakers to ensure that the shift to a digital currency doesn't inadvertently marginalise or disadvantage these groups.

While there are potential benefits, it's essential to approach any changes with caution, ensuring that all members of society can benefit.

Until next time ...

Business Godparent


Would you like to know more?

If anything I've written in this blog post resonates with you and you'd like to discover more about the digital pound and how it may affect your business, it may be a great idea to call me on 01908 774320 and let's see how I can help.

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About Roger Eddowes ...


Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.