UK news has over the past few days been positive with Retail Sales growth and falling Covis-19 numbers. To that this morning we can add something of a gold rush at the Tokyo Olympics. But the weekend saw the establishment out in full force preparing for a more troubled view of the future and let me open with this from the Mail Online.
Cash in people’s pockets would be superseded by a new ‘Britcoin’ digital currency in a plan being pushed by Chancellor Rishi Sunak.
In what Treasury insiders say would be the biggest upheaval in the monetary system for centuries, the Bank of England would establish a direct digital equivalent to physical money and take control of it in the same way as sterling.
Its supporters in the Treasury say that it would allow the Bank to give the economy a boost in times of financial crisis by paying the ‘Britcoins’ directly into people’s bank accounts.