Digital pound likely this decade
The Treasury and the Bank of England have started consultations on a potential digital pound, or central bank digital currency (CBDC), that could be used by households and businesses instead of cash for everyday payments in-store and online. Chancellor Jeremy Hunt said, “We want to investigate what is possible first, whilst always making sure we protect financial stability.” He added that CBDC could be a new “trusted and accessible” way to pay. No decision has been taken at this stage when to introduce CBDC and it is unlikely to be built until at least 2025.
Are you a financial secret keeper?
Research1 has shown that nearly two in five people in a relationship in the UK are committing ‘financial infidelity’ which includes ‘deceptions’ such as having secret credit cards or savings accounts and hiding purchases from partners. Although just over two thirds of couples (67%) have a joint current account and 51% have joint savings accounts, 38% of those surveyed have ‘money stashed away’ that their partner is unaware of. For 32% of respondents, their motivation for having a secret account is because they want to keep some control, or maintain some independence of their finances, while a quarter (25%) want to be able to treat themselves without their partner knowing.
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