Monday, July 13, 2026, 1:20 p.m
Leading financial institutions have thrown their weight behind a new report calling on the government to accelerate the digitalisation of Britain’s markets to deliver a £33bn annual boost to the economy.
The paper, backed by a 54-strong working group including companies such as Barclays, JP Morgan and Lloyds Banking Group, said tokenisation of markets could add hundreds of billions of pounds of economic value to the UK over the next decade.
Tokenization is the digital representation of asset ownership on a blockchain that stores data across a decentralized computer network. Trading assets as tokens is seen as a way to increase speed and reduce administrative costs and burdens by replacing market infrastructure with automated software.
Chris Woolward, who was appointed Digital Wholesale Markets Champion earlier this year, led the results and laid out a 12-month plan covering nine key areas to leverage the technology.
“Token markets offer the UK a significant opportunity in terms of efficiency and innovation potential and in defending our global position in established markets,” the report said.
It adds that tokenization, if “implemented at scale,” has the potential to unlock capital for growth and strengthen the UK’s competitiveness.
City pushes for faster progress
The report estimates that the global market for tokenized assets could reach up to $88 trillion by 2035.
Estimates from Barclays and PwC suggest this global rollout could result in a £33 billion increase in UK economic output and £14 billion in additional taxes.
Miles Celic, chief executive of TheCityUK, said global competition was “fierce and intensifying” and called for the UK to be “much faster, more ambitious and more creative” to stay at the top.
“There is no automatic right to success,” he added.
The report warns of strong competition in digital markets due to US dominance as well as a growing presence in the United Arab Emirates, Singapore and Hong Kong.
“A lack of pace would pose fundamental risks to the UK’s influential position as the world’s leading financial services centre,” it said.
Chris Hayward, policy chairman of the City of London Corporation, said the UK could lead a “digital big bang in financial services” if it accelerates the “adoption of tokenization”.
The regulation of digital assets has become a hotly contested topic over the last year. The Bank of England has finally weakened the final version of its rules for stablecoins.
The bank’s governor, Andrew Bailey, was previously accused of “destroying” the country’s stablecoin ambitions through “prescriptive” views.
He was also criticized by Nigel Farage of Reform UK, who branded him a “dinosaur” for his rhetoric on cryptocurrency.
In the central bank’s final stablecoin framework, it abandoned plans to limit customer deposits and instead set a temporary cap on the total volume of sterling-denominated tokens in circulation.
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