The Bank of England (BoE) has announced plans to make artificial intelligence (AI), distributed ledger technology (DLT), and quantum computing the cornerstone of its technology strategy. In a newly released report, the central bank outlined how it intends to leverage these “cross-cutting technologies” to achieve transformative outcomes across the UK’s financial system and wider economy. The strategy emphasizes not only the Bank’s own adoption of these tools but also its broader role in encouraging responsible innovation throughout the financial services sector.

Deputy Governor for Financial Stability, Sarah Breeden, noted that many firms are already exploring AI, testing DLT applications, and investigating the potential of quantum computing. She stressed that the financial services industry can serve as both an early adopter and a catalyst for other sectors to embrace these technologies. Widespread, responsible adoption, Breeden added, could significantly enhance the UK’s productivity and drive economic growth, positioning the nation at the forefront of technological advancement in finance.

The BoE’s approach, described as one of “responsible innovation,” seeks to balance progress with prudence. The report acknowledges that emerging technologies will influence every aspect of the Bank’s work—from monetary policy and financial stability to the operation of core payment systems. While the future of these innovations remains uncertain, the Bank underscores the importance of understanding and managing associated risks rather than avoiding them. By doing so, it aims to shape innovation in a way that strengthens the resilience and competitiveness of the UK economy.