Jon Cunliffe News

The central bank's move to hold had been widely expected by markets.

The Treasury Committee has argued that benefits of the new asset promoted by the central bank did not outweigh their concerns of overall confidentiality and financial risks.

The Federal Reserve Board continues to research a central bank digital currency (CBDC), or at least adjacent technologies, vice chair Michael Barr said on Oct. 27. He also touched on stablecoins at the Economics of Payments XII Conference where his English colleague Sir Jon Cunliffe made his last speech as deputy governor of the Bank of England (BOE).

The Bank of England (BOE) says the majority of 50,000 feedbacks it received from the public consultation on the digital pound revolve around privacy and fiat scarcity concerns.

Jon Cunliffe (pictured), is deputy governor of financial stability at the BAnk of England, a post he will leave at the end of October 2023 after ten years.

By William Schomberg, Andy Bruce and Suban Abdulla

Bank of England halted its long run of interest rate increases on Thursday as the British economy slowed, but it said it was not taking a recent fall in inflation for granted. A day after a surprise slowing in Britain's fast pace of price growth, the BoE's Monetary Policy Committee voted by a narrow margin of 5-4 to keep Bank Rate at 5.25%. Four members — Jon Cunliffe, Megan Greene, Jonathan Haskel and Catherine Mann — voted to raise rates to 5.5%. It was the first time since December 2021 that the BoE did not increase borrowing costs. «There are increasing signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally,» the MPC said in a statement. It cut its forecast for economic growth in the July-September period to just 0.1% from August's forecast of 0.4% and noted clear signs of weakness in the housing market. Growth for the rest of the year was likely to be weaker than previous forecasts, the BoE said. Record growth in workers' pay, which has been a big concern for the central bank, was not backed up by other measures of the labour market, it noted, suggesting the BoE's policymakers expected it to slow down soon. «CPI inflation is expected to fall significantly further in the near term, reflecting lower annual energy inflation, despite the renewed upward pressure from oil prices,» the BoE said. But it said services inflation was expected to remain elevated. The BoE's decision to pause its rate hikes came a day after the U.S. Federal Reserve also opted to keep borrowing costs on hold.

Bank of England halted its long run of 14 straight interest rate hikes on Thursday as the British economy slowed, but it said it was not taking a recent fall in inflation for granted. A day after a surprise slowing in Britain's fast pace of price growth, the BoE's Monetary Policy Committee voted by a narrow margin of 5-4 to keep Bank Rate at 5.25%. Four members — Jon Cunliffe, Megan Greene, Jonathan Haskel and Catherine Mann — voted to raise rates to 5.5%. It was the first time since December 2021 that the BoE did not increase borrowing costs. «There are increasing signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally,» the MPC said in a statement. It cut its forecast for economic growth in the July-September period to just 0.1% from August's forecast of 0.4% and noted clear signs of weakness in the housing market. Growth for the rest of the year was likely to be weaker than previous forecasts, the BoE said. Record growth in workers' pay, which has been a big concern for the central bank, was not backed up by other measures of the labour market, it noted, suggesting the BoE's policymakers expected it to slow down soon. «CPI inflation is expected to fall significantly further in the near term, reflecting lower annual energy inflation, despite the renewed upward pressure from oil prices,» the BoE said. But it said services inflation was expected to remain elevated. The BoE's decision to pause its rate hikes came a day after the U.S. Federal Reserve also opted to keep borrowing costs on hold.

LONDON (Reuters) — Incoming Bank of England deputy governor Sarah Breeden said on Tuesday that she agreed with her future colleagues on the Monetary Policy Committee that the risks to inflation lay to the upside.

Sarah Breeden began working at the Bank of England in 1991.

A Bank of England (BoE) official has said that a digital version of the British pound could soon be used in wholesale markets, potentially taking the UK one step closer to a central bank digital currency (CBDC).

Sir Cunliffe highlighted that although central bankers are tasked with "forecasting the economic future," it is not "an easy task." Further, when attempting to maintain financial stability, central banks must be "forward looking" because as Sir Cunliffe explained, "while we cannot be certain how new technologies and social and economic trends will play out, we need to have though through in advance how the risks might need to be managed and, where the likelihood of major change is high, have the regulatory frameworks and powers in place." 

Bank of England deputy governor Sir Jon Cunliffe spoke at the Innovative Finance Global Summit in London on April 17 about the development of tokenization. The UK’s central bank is currently exploring tokenization in bank money, non-bank money and central bank money and the ways tokenized assets will interact.

Regulators may need to introduce limits on the use of stablecoins in payments to prevent potential threats to financial stability, an official at the Bank of England warned Monday.

The United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet as the Bank of England (BoE) doesn’t have enough expertise at the moment, according to a deputy governor.

A top Bank of England official has told MPs that there is now a more than 50% chance that a UK digital currency will come into existence.

Should the state be in the payments business? It's a simple question but that is in essence what a central bank digital currency would amount to. A digital pound, dollar, euro or renminbi is not some token with illusory investment upside that is implied by monikers such as "Britcoin.” CBDCs are more akin to stolid stablecoins rather than currencies. Unfortunately, their potential to erode free enterprise is all too real. Controlling how, what and when money is transferred is not a place government bodies should be competing, with a massive advantage, against the rest of the monetary system.

The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could "provide a new way to pay" without necessarily replacing cash.

The Bank of England (BoE) and Treasury believes the United Kingdom is likely to need to create a central bank digital currency (CBDC) by 2030, according to a Telegraph report on Feb. 4. 

Companies that applied to win over the $244,000 contract to develop a central bank digital currency (CBDC) wallet proof of concept (PoC) for the Bank of England (BOE) provided questions about the project. In response, the central bank published its answers to over 70 questions. 

In an official blog post, Bitpanda announced that it has secured a crypto custody licence from the German financial authority, BaFin.