Governor of the Bank of England to give evidence on central bank digital currencies and quantitative easing

The Bank’s Deputy Governor for Financial stability, Sir Jon Cunliffe, will also be giving evidence.

This evidence session will be streamed live on Parliament TV.

Questions the committee is likely to cover in this session include:

• How could a CBDC support the UK’s financial and monetary stability?
• Do you agree with Patrick Honohan’s view that in the UK a CBDC would have few benefits to consumers?
• What level of commercial bank disintermediation would the Bank be prepared to accept?
• How much more power and responsibility would a CBDC give the Bank of England?
• Is a CBDC necessary to spark competition and innovation in payments?
• What kind of bilateral agreements, rules, and governance arrangements might be necessary to make CBDCs interoperable internationally?
• Are decisions about privacy solely the preserve of HM Treasury?
• What are the most significant security risks that the Bank will face if the Government issues a CBDC?
• With inflation rising faster than the Bank previously anticipated, is there still a clear rationale for continuing asset purchases until the end of 2021?

More on this inquiry

The committee’s inquiry is looking at the main issues confronting HM Treasury and the Bank of England as they explore the potential of a possible CBDC for the UK. It will also examine how a CBDC might affect the role of the Bank, monetary policy and the financial sector.

Last week the committee took evidence from the John Glen MP, Economic Secretary to the Treasury and Charles Roxburgh, Second Permanent Secretary at HM Treasury. You can watch the session back on Parliament TV.