Chancellor George Osborne has commissioned a report from the UK Treasury into the role that digital currencies could play in the country’s financial system, building on Britain’s reputation as “one of the most attractive jurisdictions for Bitcoin businesses.”
The report, which will be published this autumn, will outline the potential risks and benefits of cryptocurrencies. Osborne revealed the plans in today at the launch of Innovate Finance, where he also said that government plans to make Britain “the FinTech capital of the world” as part of a “long term economic plan to cement Britain’s position as the centre of global finance and global technology.” Osborne also pledged a further £100m in funding for FinTech companies.
“It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers, here and around the globe, and create the jobs and growth we all want to see in the future,” he said.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.
By 2020 global government spending will reach US$35 trillion against US$28 trillion in 2015, according to business information group MarketLine.
The study assesses the social and economic health of 30 of the world’s leading business centres.
A consultation paper proposes large financial penalties for accountants, lawyers and consultants whose aggressive tax avoidance schemes are defeated in court.