{
  "id": 3638468,
  "title": "Bank of England Welcomes Government Plan to Drive UK Payments Innovation",
  "url": "https://urgent.news/2026/08/27/bank-of-england-welcomes-government-plan-to-drive-uk-payments",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-27T01:53:35.000Z",
  "source": {
    "name": "PYMNTS",
    "slug": "pymnts",
    "url": "https://www.pymnts.com/news/payments-innovation/2026/bank-of-england-welcomes-government-plan-to-drive-uk-payments-innovation/"
  },
  "original_language": "en",
  "account": "The British Treasury has proposed a new \"secondary objective\" for the Bank of England aimed at fostering innovation in payments technology and digital currencies, including stablecoins, Reuters reported on August 26. The objective, which would require the bank to report annually to parliament on its progress, seeks to ensure that regulation keeps pace with technological advancements, according to City Minister Lucy Rigby. She emphasized that while financial stability remains the bank's primary goal, this secondary objective will aid in driving innovation in payments and digital finance, positioning the UK as a global leader in financial services. This announcement comes as the U.K. transitions under a new government led by Prime Minister Andy Burnham, with the previous administration's pro-growth approach to financial services regulation still in effect. The Financial Times noted that the new objective suggests a desire from ministers to bolster the Bank of England's role in promoting the U.K. as a hub for digital assets. The bank has faced criticism from crypto companies for its conservative stance on digital assets, and the new objective is expected to be met with appreciation by financial services executives as traditional banks and asset managers explore blockchain technology. The Bank of England plans to promote the growth of regulated stablecoins tied to the pound, having recently outlined stablecoin rules, abandoned ownership limits on U.K. stablecoins amid concerns about stunting growth, and reduced the reserve requirement for stablecoins with the central bank. The new statutory objective will be integrated into a Financial Services and Markets Bill slated for debate in the House of Lords in September. Sarah Breeden, deputy governor for financial stability at the Bank of England, stated that the bank is actively working with government and other authorities to preserve trust and promote innovation in UK payments.",
  "summary": "The British Treasury plans to give the Bank of England a new “secondary objective” to support innovation in payments technology and digital currencies, including stablecoins, Reuters reported Wednesday (Aug. 26). The proposed objective aims to ensure that regulation keeps up with changes in technology, and it would require the bank to report annually to parliament […] The post Bank of England…",
  "key_points": [
    "Bank of England to foster payments innovation and digital currencies.",
    "New objective requires annual progress report to parliament.",
    "Aim is to position UK as global leader in financial services."
  ],
  "editors_take": "The Bank of England's role is being recalibrated to prioritize payments innovation, positioning the UK as a global leader in financial services and likely pleasing financial services executives and digital asset firms.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}