Bank of England Speech Emphasizes Trust in Banknotes for Financial Stability

Victoria Cleland of the Bank of England delivered a speech emphasizing the importance of public engagement in maintaining trust in banknotes, which underpins all central bank activities from setting the Bank Rate to operating payment systems. She highlighted that confidence in banknotes was historically linked to their convertibility into gold and noted the Bank's new role in supervising firms in the wholesale cash industry to ensure cash availability and accessibility.