We must not let the Chinese get too far ahead. The UK must be at the forefront of the development of central bank digital currencies to cement the City’s competitive position post-Brexit. So says a new think-tank, the CityUnited Project, which is backed by such Eurosceptic luminaries as former Chancellor Lord Lamont.

The group’s founder and chair Daniel Hodson is probably right that the momentum towards digital currencies is unstoppable — however much the Bank of England insists that no decision has been taken to go ahead with a digital pound. He is also probably right that it would bolster London’s position as a global financial centre if the UK can be one of the early adopters. But City firms should be careful what they wish for. For many, a digital currency could be a very mixed blessing.