IIUC, this actually seems very reasonable despite what the rest of the commenters seem to indicate. BoE wants to have their own system to allow people to pay/r

IIUC, this actually seems very reasonable despite what the rest of the commenters seem to indicate. BoE wants to have their own system to allow people to pay/receive money electronically. Certainly useful. BoE also doesn't want to have a ton of risk by storing people's life savings so they're limiting it to 10~20k pounds. The expressed goal is to facilitate day-to-day spending so this seems well above what an average person spends day-to-day.