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In a speech given in March 2018 to the inaugural Scottish Economics Conference, Bank of England Governor, Mark Carney, considers the future of money, and specifically how developments in money and payments technologies could transform our economy in ways good and bad. An opening clip is below but to watch the full speech visit https://www.bankofengland.co.uk/speech/2018/mark-carney-speech-to-the-inaugural-scottish-economics-conference .

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Climate change means we may face more frequent or severe weather events like flooding, droughts and storms. Examples of recent weather events that have been linked to human-driven climate change include the heatwave and droughts in China in the summer of 2013 and, the following winter, extreme rainfall and flooding here in the UK. These events bring ‘physical risks’ that impact our society directly and have the potential to affect the economy. If these events happen more...

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Central banks and financial regulators have a core responsibility to understand risks to financial stability and the financial institutions which they supervise. There is growing recognition and evidence of the financial risks from climate change and their relevance to central bank mandates. Forming a strategic response to the financial risks from climate change helps ensure the Bank can fulfil its mission to maintain monetary and financial stability, both now and for the long term....

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Our Governor,   Mark Carney, will be logged on to Future Forum and answering your questions on anything surrounding the future of money, on 9 January at 15:30 . The deadline for question submission for the Governor ahead of his session is now closed. The Governor will do his best to address as many of the questions as possible. Please remember to login in at 3:30pm on Wednesday 9 January to view his responses and to submit your questions live to the Governor.

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Our Deputy Governor Jon Cunliffe will be answering your questions on financial innovation, risks to financial stability and the work the Bank of England is doing to keep your money safe on Thursday 13 December at 2:30pm. Submit your own ideas under the  Banking on a new world  section and post your questions in the comment section below. He will answer as many as possible during the session and looks forward to chatting with you all.

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The economy and the environment have always been linked. In this video you can find out more about the connection between economic growth and demands on the world’s natural resources. https://www.youtube.com/watch?v=AQdLICwtIpw Two KnowledgeBank guides look into this further and explain the risks climate change poses to financial stability and why climate change matters to the Bank of England .

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Our Chief Operating Officer Jo Place will be answering your questions on 27 November at 4:00pm. Submit your own ideas under the  Bank to the Future  section and post your questions in the comment section below. Jo will answer as many as possible during the session and looks forward to chatting with you all.  

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Our Deputy Governor  Sam Woods will be answering your questions on 16 November at 10:30am. Submit your own ideas under the  Banking on a new world  section and post your questions in the comment section below. He will answer as many as possible during the session and looks forward to chatting with you all.

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Our shopping and banking habits have changed. With more money being spent online, high street shops are struggling to compete. But where there were once bank branches and pubs, other businesses are taking over. Discover how the High Street is changing by visiting our new blog:   https://bankofenglandfutureforum.co.uk/blog/view

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Our Deputy Governor Dave Ramsden will be answering your questions on all things money on 14 November at 13:30. Submit your own ideas under the Money, Money, Money section and post your questions in the comment section below. He will answer as many as possible during the session and looks forward to chatting with you all.      

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  The environment, the global economy and climate change The economy and the environment are closely entwined. Many economic activities have an environmental impact. Burning coal, oil and gas can contribute to climate change, while waste from factories can pollute our land, rivers and sea. The environment can affect the global economy too. For example, the floods in Thailand in 2011 resulted in over $45 billion of economic losses. More positively, at the other side of the globe, the...

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Our work on fintech is wide ranging and looks at how technology is changing financial services. Developments in financial technologies, such as artificial intelligence (AI) and distributed ledger technology (DLT), have the potential to fundamentally change the way businesses can provide – and consumers can use – financial services.  In his speech on The Promise of Fintech  our Governor, Mark Carney, said “there are clear prospects for new financial technologies to make the financial...

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We’re exploring what the financial system of tomorrow might look like, and what it means for the Bank of England’s priorities now and in the future. New economics, new finance, new Bank   “The Bank recognises that a new economy, a new world and new demographics demand a new financial system ... The new finance will develop for the new economy, not in isolation from it.”   Governor Carney, Mansion House speech, June 2018 The future of finance project is looking at how financial...

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A digital currency is an asset that only exists electronically. Digital currencies such as Bitcoin were designed to be used to make payments, but today many digital currencies are held as speculative assets by investors who hope their value will rise. The Bank is carrying out research into digital currencies and the technology that supports them, you can find more information on our website: https://www.bankofengland.co.uk/research/digital-currencies What are cryptoassets? There...

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Most of the money in the economy is created, not by printing presses at the central bank, but by banks when they provide loans. How does it work? Money is more than banknotes and coins. If you have a bank account, you can use what’s in it to buy things, typically with a debit card. Because you can buy things with your bank account, we think of this as money even though it’s not cash. Therefore, if you borrow £100 from the bank, and it credits your account with the amount,...

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Every day bundles of fresh banknotes land on the conveyor belts in our printing facility in Essex. The new cash is bought by wholesale distributors who supply to commercial banks, which stock some of it in ATMs all across the country. Most of the money we print is to replace old, worn-out banknotes. But we also have to predict, or forecast, how much we think demand for cash will increase. When forecasting demand for banknotes we have to think about what drives it. Fundamental...

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Remember life before Monzo cards, Amazon Prime and online grocery shopping? We don’t either. The internet has paved the way for a wealth of wonderful inventions but it’s not all roses. Cyber-attacks are on the rise – and they’re becoming more advanced. What is cyber-risk? People do much of their finances online nowadays and that means everyone is more exposed to cyber-crime. Businesses call this cyber-risk and it can cost them money, cause disruption or damage their...

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Help us to understand how and why you make payments the way you do! We want to explore the future of cash, but first we want to know how and why people choose to pay in different ways today.  To help us understand this we are tasking the people of the UK to undertake our Cash vs Cashless Challenge for a week.     How can I take part? It's simple...If you usually pay with cash, we're asking you to go cashless (this can...

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Jon Cunliffe, Deputy Governor for Financial Stability, and Tom Mutton, Director of Fintech, discuss the opportunities and risks of fintech in our new podcast.

 

 You can listen to the podcast here.  

 

Our governor and deputy governors will talk about the future of money at the Future Forum closing event on Monday 28 Jan. You will be able to watch it live here.

What do you think about fintech? Tell us in the comment section below.

The answer: They are used as currency in some countries.

Discover the surprising and sometimes odd history of money on our timeline:

How has money changed over time?

What's your preferred form of payment? And how do you feel about the increasing digitalisation of how we pay? Tell us in the comments section below. 

The Blurred Transaction

Posted by Future Forum 2 months ago

By Sonia Sedler

Our relationships with money are rapidly evolving as money changes hands in less tangible ways: cashless has evolved into contactless, transactions are in turn becoming frictionless – so what comes next? If over-the-counter spending is rapidly being replaced by a click on a third party app, how do businesses maintain engagement with their customers when the touch points have completely blurred?

We have given this emerging trend a name: The Blurred Transaction.

The rapid evolution of our payment and spending behaviours will affect every corner of business, which in turn will affect every one of us as consumers. We are as likely today to get our financial services from supermarkets as we are from banks – so how will these and other businesses’ roles continue to evolve as these relationships continue to blur? Certainly they will all have to work harder to meet the challenge of maintaining customer loyalty.

We have been exploring these ideas, and the transformations that have been occurring all across society – from how we travel, to how we shop, to how we communicate, to how we manage our finances, and how digital technology is fusing all this together and putting the empowered customer at the heart of the blurred transaction.

In this connected age, there has been a power shift: the customer really is king now. We have more choice than ever before; of where we shop or where we bank, and with the power of our personal data we can demand the best ever experience and service from those we choose to place our money with.

The blurred transaction is already happening all around us, and the youngest in our society are already playing their part. For example, children recommending brands to their friends on social media can be more powerful than a TV ad campaign and some digital brands are more interested in the customer’s social clicks than the pound in their pocket – so we need to make sure the digital native generation are kept safe and understand the value of their money, their digital identity and their data.

This is why I am extremely excited to support the Bank of England’s latest Future Forum. I believe the Bank of England plays a vital role in keeping our financial system safe – which means helping everyone in that system to be better informed and responsible with the money they earn and spend.

Ultimately, this starts with education. The UK still needs to do more to teach every citizen, from the earliest years all the way through lifelong learning, to better understand financial literacy. And we in the private sector have an important role to play – as employers and providers of products and services, it is our ethical responsibility as well as the key to the sustainability of our businesses and the economy.

If we are to expect long-lasting stability and prosperity, we need to ensure that, from the youngest age, future generations are taught the basics of earning, saving, budgeting, investing and sustaining money. The impact of this cannot be underestimated: it will help us better to manage social issues from climate change, to health and wellbeing, to supporting a population with an increasing life expectancy. And it all starts with education.

That’s why I’m so pleased the Bank of England is playing its part through its new education resources and programme of school talks. I look forward to supporting the next stage of the Bank’s education work in 2019 and beyond.

Sonia Sedler is EMEA Managing Director of Sutherland Global

Sonia Sedler

                                  


We are delighted to be working with the British Youth Council for this session. Ben is keen to hear young people's views on the future of money. How do you view the future of cash? What are your concerns on moving to a cashless society, cyber-security or climate change? What actions would you like to see the financial sector take to limit the risks caused by these? 

 Ben would like you to share your thoughts and questions on the future of cash, payments and savings. He will be answering as many questions as possible at 9:45am on 6 December 2018.

While this session is of particular relevance to young people, all are welcome to submit their questions.

 

Our shopping and banking habits have changed. With more money being spent online, high street shops are struggling to compete. But where there were once bank branches and pubs, other businesses are taking over.

Discover how the High Street is changing.

1. We’re spending more money online

 

2. Poorer regions are hit harder by store closures

 

3. People increasingly bank online

4. And if you want to visit a physical bank branch, it’s not as easy as it once was…

 

5. But at least, if you need a quick shave or a manicure, you’re in luck

 

How has your local high street changed? And how do you feel about it? Share your thoughts in the comment section below.

The Governors will be taking part in live Q&A sessions on the platform.  

Date

Time

Governor

Topic

14 November

1:30pm

Dave Ramsden

Money, Money, Money

16 November

10:30am

Sam Woods

Banking on a new world

27 November

4:00pm

Jo Place

Bank to the future

06 December

9:45am

Ben Broadbent

Youth Forum

13 December

2:30pm

Jon Cunliffe

Banking on a new world

09 January

3:30pm

Mark Carney

Overview of all discussions so far

28 January

TBC

All Governors

Culmination event

Take part in our poll

Posted by Future Forum 3 months ago

We're interested in learning about how you pay for things, what services you use and what you think the future of money will look like.

Take part in our poll now.  

 

Help us to understand how and why you make payments the way you do!

Banknotes will remain a central form of payment for some time but as we look to the future, we want to know what you think money will be like and what this could mean for you.

To help us understand this we are tasking the people of the UK to undertake our Cash vs Cashless Challenge for a week. 

How can I take part?

• It's simple...If you usually pay with cash, we're asking you to go cashless (this can include debit/credit cards, Apple/Android Pay, cheque etc.);

• and for those who are usually cashless, we challenge you to use only cash for a week.

• We would like you to log your experiences of the week, and then please share them with us by commenting below.

What would we like know? 

• Why do you choose to make payments the way you do?

• How easy/difficult was it to make payments in the opposite way to normal?

• What/where were the main challenges or benefits?

• Has the experience changed or cemented your views on how you will make payments in the future?

Please share any key examples with us too! We'll be reviewing all of the feedback received to help us understand any trends in the way people choose to make payments, and how this might help shape the future of money.

 

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