Extract from PMQs: Blockchain - June 6

Q2. Mr Speaker, I know you are keen to learn more about blockchain, so I have written a paper on it for the think-tank Freer, to help inform the people of Bloxwich about the possible benefits of this technology. With some countries saving up to 2% of GDP by deploying this technology, will the Prime Minister commit to harnessing it to ensure that the UK remains at the forefront of it as we forge a greater, global Britain? [905628]

I thank my hon. Friend for the work that he has done on distributive ledger technology, as I think we should call it. We are committed to supporting the development and uptake of emerging digital technologies in the UK such as AI and DLT. The Government have invested around £10 million through Innovate UK and our research councils. The Treasury and the Bank of England are working on crypto-currencies and looking at these issues in a working group together. We are deploying the technology that my hon. Friend has referred to in order to help Government discharge our duties more effectively, and many Departments are already developing DLT proofs of concept. I thank him for the work that he has done. He might like to distribute the article on the work that he has done to all Members of this House.