Payments
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to support the creation of a domestic payments system.
Answered by Rachel Blake
The UK has long been a global leader in payments, being one of the first countries to establish a system for near instant digital payments with the launch of Faster Payments System in 2008. The Government wants to ensure the UK is ready and able to seize the benefits of technological advances that have occurred since then.
In November 2024, the Government published the National Payments Vision, setting out its ambitions for a trusted, world-leading UK payments ecosystem delivered on next-generation technology, where consumers and businesses have a choice of payment methods to meet their needs.
Since then, the Payments Vision Delivery Committee, chaired by HM Treasury, has driven forward work to implement this vision. This includes announcing an innovative new model of public and private sector collaboration to deliver the next generation of UK retail payments infrastructure, and publishing a strategy to guide its design.
The new Retail Payments Infrastructure Board, chaired by the Bank of England, is working to translate the Committee’s strategy into the design of the future infrastructure, which will be delivered by a new industry-owned and led Delivery Company.
HM Treasury continues to have oversight of this process through its membership and chairing of the Payments Vision Delivery Committee.
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