The UK could see a £33bn economic boost by accelerating digitisation of its financial markets, says the chair of a new task force. Treasury‑appointed wholesale digital markets champion Chris Woolard highlighted opportunities like issuing a sovereign bond on the blockchain and using tokenised assets as collateral. His 12‑month plan, led by a 54‑institution task force including Black Rock, JPMorgan Chase, Morgan Stanley, UBS, Barclays, Coinbase and Circle, aims to harness distributed ledger technology to speed, secure and improve asset trading.

Tokenisation could free up capital, spur new revenue and strengthen the UK’s global position. Estimates from Barclays and PwC suggest the global tokenised‑assets market could hit $88tn by 2035, with the UK potentially adding £14bn in tax revenue over the next decade.

The report urges the government to launch a digital gilt sale early next year and for the Bank of England to accept digital gilts as collateral. It warns that a slower pace risks the UK falling behind rivals such as the US, UAE, Singapore, Hong Kong, Switzerland and the EU.

The FT notes regulatory moves by the Bank of England and FCA have eased some restrictions on stablecoins, but critics argue the UK must keep progressing to stay a standards‑setter in global finance.