Andrew Cregan, the BRC's Finance Policy Advisor, was questioned by the House of Lords’ Economic Affairs Committee this week in their first face-to-face evidence sessions following the pandemic.

He set out the retail case for a UK digital currency, currently being considered by the Bank of England. In the BRC's view, a widely available Central Bank Digital Currency (CBDC) would expand awareness of and accessibility to New Digital Money in the UK, beyond the millions of existing global users. In addition it could provide an alternative payment system to the card systems, as well as the interbank payment payment systems currently under development. Ultimately, a CBDC that allows for overlay retail payment services would generate additional competition, innovation and transparency in retail payments that will be welcomed by all consumer-facing businesses in the UK.

The video is available here, from 15:55, or a written transcript can be downloaded below.