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or other support they are eligible for. There is a reminder that firm action will be taken against the minority who act illegally.
The standards of the Charter are as follows:
Getting things right Making things easy Being responsive
• • • •
Treating customers fairly
• Being aware of an individual’s personal situation • Recognising that someone can represent a customer • Keeping customer data secure
The Charter discusses mutual respect, and states that HMRC employees should not be subject to threats, intimidation, or harassment, and where this does happen, appropriate action will be taken.
Where an individual is not satisfied with the level of service they have received, and they feel it does not match the standards of the Charter, they are able to make a complaint. The Charter should be referenced in the complaint, along with the elements of the Charter that the individual feels that HMRC has not met.
An annual report is produced which discusses HMRC’s performance against the Charter, providing details about progress and outlining priorities for future improvement.
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A new Taskforce established to explore the potential of a UK Central Bank Digital Currency 28 July 2021
HM Treasury has published a document which outlines the Terms of Reference for a Central Bank Digital Currency (CBDC) Taskforce, which has been established to investigate how a UK CBDC could work.
A CBDC would be a new type of money, which would not replace cash and bank deposits, but instead would exist alongside them. This is because government recognises that millions of people still rely on cash and has committed to protect access to it for this reason.
Government and the Bank of England have not yet made an official decision as to whether a CBDC will be introduced in the UK, but the Taskforce has been set up to carry out the following functions:
• Coordinate exploration of the objectives, use cases, opportunities, and risks of a potential UK CBDC • Steer evaluation of the design features a CBDC must display to achieve government goals • Support a rigorous, coherent, and comprehensive assessment of the overall case for a UK CBDC • Monitor international CBDC developments to ensure that the UK remains at the forefront of global innovation
Further information on each of the functions is available here.
The Taskforce is co-chaired by the Deputy Governor of the Bank of England, Jon Cunliffe and HM Tre asury’s Director General of Financial Services, Katharine Braddick. Prior to making a definitive decision, stakeholders will be contacted to help to understand the benefits, risks, and practicalities of implementing a CBDC.
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