A former Bank of England economist has criticized the digital pound initiative, stating that there is no customer demand for it and calling it a costly and useless project. Neil Record argues that the motivation behind the digital currency is to protect the central bank's financial model rather than addressing a real public need. He also highlights that many consumers already have access to secure digital payment systems through banks and mobile platforms, making it difficult for a government-backed digital currency to compete. Record raises concerns about privacy issues and urges the Bank of England to focus on its core responsibilities, such as inflation control. The Bank of England and HM Treasury have been exploring the creation of a digital pound, but no final decision has been made yet.



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