For the first time the Bank of England intends to offer tech companies the chance to have accounts at the central bank; this will give companies the same access that banks have and is a move that is a potential threat to banks; Bank of England Governor Mark Carney says the move will help to improve competition and stimulate innovation in payments; up until now only commercial banks were able to store money at the Bank of England; “Users should benefit from the reduced costs and increased certainty that comes with banking at the central bank,” the governor said to the FT. “From the perspectives of UK households and businesses, wider access can improve inclusion and services.” Source.
