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Bank of England Pushes Decision on Digital Pound to 2025 or Later

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The Bank of England (BoE) announced on Tuesday that no decision will be made for at least two years regarding the introduction of a central bank digital currency (CBDC) for the British public. This effectively delays the timeline for the so-called “digital pound,” a project initially championed by former Prime Minister Rishi Sunak during his tenure as finance minister in 2021.

While the idea of a digital pound gained early momentum, public consultations revealed widespread concerns about privacy, leading to a more cautious approach by the BoE and the current government. In October, BoE Governor Andrew Bailey expressed skepticism about the necessity of a digital currency, stating that it was “not my preferred option.” However, he acknowledged that it might become essential if traditional banks fail to provide competitive payment systems compared to less regulated tech companies.

The BoE confirmed it is collaborating with Britain’s finance ministry on exploring a potential design for the digital currency. This work aligns with earlier consultation plans and will take into account broader developments in the payments landscape.

“After completing the design phase over the next couple of years, the Bank and government will evaluate the policy case for a digital pound and decide whether to proceed,” the BoE stated. A decision is not expected before 2025.

The government has stressed that a digital pound would prioritize privacy but would not offer full anonymity, unlike physical cash. Similar to bank accounts and credit card payments, authorities would retain the ability to monitor transactions in cases of suspected money laundering or terrorism financing.

The BoE emphasized that legislation would ensure user privacy protections. “Neither the Bank nor the government could access users’ personal information or control how households and businesses use their money,” the central bank assured.

Climate Protesters Face Harsh Prison Sentences as UK Courts Equate Activism with Violent Crime

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While right-wing rioters recently caused chaos in UK communities, 22-year-old climate activist Cressie Gethin spent time in a prison cell. Her crime? Organizing protests against new oil-drilling licenses in the North Sea, where she and fellow activists disrupted traffic on the M25. Convicted of “conspiring to cause a public nuisance,” Gethin and three other Just Stop Oil members now face four-year prison terms, with co-founder Roger Hallam sentenced to five years.

These sentences, the longest ever for non-violent protests in the UK, were handed down under newly implemented laws aimed at curbing disruptive protests. The laws place organizing such demonstrations on par with violent crimes like robbery, a shift that alarms human rights groups.

The activists argue their actions were necessary to highlight the climate emergency, but the court and government have taken a hard line. Gethin, writing from prison, said, “A harsh sentence like this doesn’t make sense morally or legally, but it does politically.”

Controversial New Laws

The Public Order Act 2023 and the Police, Crime, Sentencing and Courts Act 2022 have expanded police powers, giving authorities more tools to arrest and sentence protesters. These laws were directly influenced by reports from right-wing think tanks like Policy Exchange, which has ties to fossil fuel companies, including ExxonMobil.

Despite pledges to transition to a net-zero economy by 2050, the UK government has continued issuing oil-drilling licenses, contrary to recommendations by climate scientists. This policy has sparked protests like those organized by Just Stop Oil, and now, activists face criminalization on a large scale, with over 3,000 arrested since 2022.

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Public Reaction and Global Concerns

Amnesty International and other civil rights groups have condemned the new laws, calling them a sign of creeping authoritarianism. Critics argue that peaceful protest is being penalized on par with violent acts, with climate protesters facing sentences similar to those for robbery or rape. The UN’s Michael Forst, special rapporteur on environmental defenders, criticized the sentences, calling them “punitive and repressive.”

Despite the public outcry, the Labour government has yet to review the laws, which were introduced under the Conservative government of Rishi Sunak. Sunak’s ties to Policy Exchange and the fossil fuel industry have raised questions about political influence on climate legislation.

A Global Pattern

The UK is not alone in its crackdown on climate protests. Other wealthy nations, including the US and Australia, have implemented similar policing laws, often with backing from fossil fuel industries. In the US, at least 21 states have criminalized protests near critical infrastructure like oil pipelines, following the Standing Rock protests. These laws often share language drafted by right-wing lobbying groups like ALEC, which has long been funded by oil giants like Chevron.

Climate Protesters: Villains or Heroes?

The judge in Gethin’s trial barred any defense based on the climate crisis, a decision seen as undermining the activists’ motivations. Just Stop Oil’s actions, although disruptive, are aimed at preventing the catastrophic consequences of continued fossil fuel extraction. Despite the harsh sentences, activists like Gethin remain resolute, seeing their actions as part of a larger moral obligation to stop climate disaster.

Gethin’s imprisonment, she says, is just one chapter in the ongoing fight against the ecological and social upheaval caused by climate change. “Standing up for what is right,” she writes from her cell, “is something I can work for, whatever the future brings.”