Business & Technology
Professor says tokenised deposits won’t transform banking
A Loughborough University study has challenged claims that tokenised bank deposits will transform banking, arguing that many of the supposed benefits can already be delivered through existing systems.
The paper examines tokenised deposits, which represent money held in a bank account as a digital token, and questions whether they amount to a significant innovation for mainstream banking. Supporters say the model could improve the speed and automation of payments. The study argues that these outcomes do not depend on tokenisation.
Professor Alistair Milne of Loughborough Business School wrote the policy note for SUERF, a group that brings together central bankers, regulators, academics and finance professionals. He argues that banks already use computer systems and databases that can be programmed to handle many of the same tasks now being presented as new.
Debate over digital money has gathered pace as banks, policymakers and financial technology groups explore alternatives to traditional account-based systems. Tokenised deposits have emerged as one of several concepts under discussion, alongside stablecoins and central bank digital currencies. Advocates say they could help create faster payments, available at all hours and easier to link to automated instructions.
Milne’s paper takes a narrower view of what is actually new. It argues that blockchain, the record-keeping technology often associated with cryptocurrencies such as Bitcoin, is not necessary for most of the practical gains linked to tokenised deposits. In his assessment, conventional bank infrastructure can already support much of the same functionality without converting deposits into tokens.
“Much of the current discussion suggests tokenised deposits will transform banking. My research indicates that the technology itself is not the key issue. Most of the promised advantages can already be achieved using conventional banking systems. In many cases, tokenised deposits are better understood as a new way of packaging existing capabilities rather than a fundamentally new form of money,” said Professor Alistair Milne, Loughborough Business School, Loughborough University.
The study does not dismiss tokenised deposits entirely. Instead, it identifies a limited set of circumstances in which they may offer a clearer advantage, particularly within the operations of large international banks serving corporate clients across several markets.
Cross-border use
One of the stronger use cases, the paper argues, arises when a global company moves money between countries and currencies within the same banking group. In that situation, payments can be automated more easily because the transfer remains within one bank’s internal systems rather than moving through several institutions.
That distinction matters because payments between different banks still require interbank settlement. This brings a series of established constraints, including regulation, security checks and the management of financial risk between institutions.
The paper argues that tokenising a deposit does not remove those underlying frictions. Even if the customer-facing representation of money changes, banks must still complete the same core settlement and compliance steps when funds move across institutional boundaries.
Wider debate
The findings add to a broader policy discussion over whether new forms of digital money represent genuine structural change or simply a redesign of existing financial processes. Banks and regulators have been assessing how far distributed ledger systems can improve payments, settlement and record-keeping, especially in wholesale and cross-border markets.
Milne’s intervention is likely to resonate with those who question whether the financial sector is overstating the novelty of token-based systems. The paper suggests the real barriers to better payments are not always technological, but often lie in the legal, regulatory and risk frameworks that govern transactions between separate institutions.
The paper also highlights a divide in the digital money debate. Some proposed systems promise gains by changing the form of money itself, while others seek improvements through better integration of existing infrastructure. Milne’s argument places tokenised deposits closer to the second category.
For banks, that could shape investment decisions. If the same results can be achieved through upgrades to current databases and payment systems, the commercial case for shifting to tokenised deposits may be weaker than some advocates suggest, especially in domestic banking where established systems are already deeply embedded.
At the same time, the paper leaves room for more targeted adoption where specific operational benefits can be shown. Large multinational banks handling internal cross-border flows may still find token-based structures useful in defined cases, even if the model falls short of a broader banking revolution.
The study’s central conclusion is that the hardest parts of modern payments do not disappear simply because deposits are represented differently in software. As Milne argues, the most important constraints often emerge when money must move between institutions rather than within them.
Those frictions remain central to banking, regardless of whether a deposit is recorded in a conventional account ledger or represented as a token. The paper argues that turning deposits into digital tokens does little to remove these underlying challenges.
Business & Technology
New Banbury pottery cafe enjoys successful opening weekend
Blossom Pottery Cafe opened on Friday, August 14 at 18 South Bar, bringing a new artistic opportunity to coffee, tea and cake lovers in the town.
Opening the cafe was a long-standing dream of owner Wendy, who began pottery as a personal hobby and gradually developed the idea of creating a space where people of all ages can enjoy the peaceful pass time.
Pottery painting sessions of bisque fired pieces are hosted daily (Image: Blossom Pottery Cafe)
With every table full on opening weekend and dozens of beautiful pieces newly painted by guests, the owner said her ‘heart is so full’ to see the dream realised.
“So grateful to see so many of you coming to support us on our opening day,” she shared. “Thank you so much.”
Owner Wendy said her ‘heart is so full’ after the support shown during the opening weekend (Image: Blossom Pottery Cafe)
Wendy earlier said: “We’re incredibly excited to be opening Blossom Pottery Studio & Café and bringing something new to Banbury.
“We hope it becomes a place where people can take a break from their busy lives, enjoy being creative, and make lasting memories with family and friends.
Customers who visited during the opening weekend got free cupcakes (Image: Blossom Pottery Cafe)
“The support we’ve received from the local community has been amazing, and we can’t wait to welcome everyone through our doors.”
As part of the grand opening, all customers who visited during the opening weekend or made a pottery painting booking within the next three months received a free cupcake from the cafe.
Blossom Pottery Cafe hosts family-friendly pottery painting sessions from 10am each day, with normal cafe opening hours 8am to 5pm.
Business & Technology
Apprentices say AI is reshaping tech skills demand
Atos highlighted the views of three apprentices entering the technology industry, focusing on apprenticeships as a route into tech as artificial intelligence reshapes workplace skills.
All three work as First Line Service Desk Apprentices and described a jobs market in which technical knowledge alone is not enough. Alongside coding and troubleshooting, they said communication, customer service, problem-solving and adaptability have become central to early careers in IT.
Kyle Brady said he moved into an apprenticeship after studying physics, maths and computer science at A level, then spending time in temporary work, including as a forklift driver, while building his technical skills independently. The apprenticeship, he said, offered a way to gain workplace experience while continuing to learn.
His account points to a common hurdle for new entrants: gaining practical experience before securing a first role. Brady said that challenge shaped his view of what employers value in technology jobs.
“After completing my A levels in physics, maths and computer science, I knew I wanted a career in technology. I’ve always enjoyed solving problems and understanding how things work, but I found it difficult to get my foot in the door. I spent some time in temporary jobs, including as a forklift driver, while building my technical skills in my own time. When the opportunity to start an apprenticeship came along, it felt like the perfect way to gain real workplace experience while continuing to learn.
“One of the biggest things my apprenticeship has taught me is that a career in tech is about much more than technical knowledge. Working on the helpdesk has shown me how important communication, customer service and problem-solving are. Being the first point of contact for users has completely changed how I see the industry and helped me develop skills I never realised I’d need. The experience has also shown me how quickly technology is evolving, especially with AI becoming part of more workplaces. That means the ability to keep learning and adapting is becoming just as important as technical skills. My apprenticeship has helped me build that mindset while giving me hands-on experience with the realities of working in IT.
“It’s also opened up opportunities I wouldn’t have had otherwise. Learning about career paths in cybersecurity and data engineering has shown me the range of opportunities available and given me confidence about where my career could go next. I’d encourage anyone thinking about a career in technology to keep an open mind and not feel like university is the only route. Apprenticeships give you the chance to earn while you learn, develop practical skills from day one and build the confidence to adapt as technology continues to change. In an industry being transformed by AI, that real-world experience is invaluable,” Brady said.
Ryan Cresswell said he studied IT at college and games design at university before working in sales to strengthen his people skills. He later returned to technology, but said employers often wanted practical IT experience as well as qualifications.
His experience reflects a wider issue for people seeking entry-level technology roles. Employers often ask for evidence of workplace readiness even for junior positions, making apprenticeships one way to bridge the gap between education and employment.
“After studying IT at college and games design at university, I began working in sales to hone my people skills before returning to technology. One of the biggest challenges I faced while applying for jobs in tech was that employers liked my qualifications but wanted candidates with hands-on IT experience. That made it difficult to get my foot in the door.
“My apprenticeship has given me the opportunity to earn, learn and gain practical experience at the same time. It’s allowed me to develop my technical troubleshooting skills, but I’ve also learned a lot about communication, problem-solving and handling different types of people. My advice to anyone considering a career in tech is to explore the different paths available. In the past it felt like university was the only choice, but that’s no longer the case. Also, speak to people already working in the industry and stay curious. Apprenticeships are a great way to build skills, confidence and hands-on experience, whether working individually or in a team, while discovering what’s right for you. The most important thing is to keep learning and not be afraid to take a different path if the first one doesn’t work out,” Cresswell said.
Skills shift
Zainab Hussain said she chose an apprenticeship because it offered immediate workplace experience and a path into more senior roles without student debt. She said the role had helped her develop both technical and interpersonal skills, including troubleshooting problems and explaining complex concepts clearly.
Her comments underscore how apprenticeships are being framed by employers and trainees as an alternative to university for some digital roles. In this case, the appeal lies in earning while learning, building professional networks and gaining direct exposure to the daily demands of IT support.
“I’m naturally drawn to tech and have always been IT literate, so I knew it was the right path for me. It’s an industry that’s constantly evolving, and I wanted to be part of that. I chose an apprenticeship because it felt like the best way to gain real experience from day one, and it sets you up to move into higher roles faster than if you go to university. I also wanted to build a career in the industry without taking on student debt.
“My time at Atos so far has helped me develop both my soft and technical skills, such as how to troubleshoot problems and communicate complex concepts clearly. I’ve also had the chance to earn, learn and build my experience, all of which are helping prepare me for the next stage of my career. The apprenticeship path has given me valuable opportunities to network with co-workers from different career backgrounds and skill sets, which you wouldn’t get at uni. The workplace experience has been incredibly valuable, so if you’re interested in tech, I’d encourage you to go for an apprenticeship, explore every opportunity available and keep an open mind,” Hussain said.
Taken together, the three accounts point to a shift in the skills mix associated with junior technology roles. As AI tools become more common in workplaces, the apprentices said the ability to keep learning, work with users and adapt to changing systems is becoming as important as formal technical training.
All three also described apprenticeships as a practical answer to the experience barrier that can prevent candidates entering the sector. They framed the route as a way to gain income, training and exposure to real workplace problems at the same time, while opening paths into areas such as cybersecurity, data engineering and wider IT support.
Business & Technology
UK flight school collapsed into liquidation
Liquidators have been instructed to wind down Go Fly Oxford, which provided lessons for commercial and private pilots licences.
Colin Wilson and Emma Mifsud, of Opus Restructuring & Insolvency, have been appointed as joint liquidators for Go Fly Oxford Ltd back in May 2025.
But new records filed by the liquidators have revealed an HMRC secondary preferential claim of £118,132.
Ten unsecured claims have been received by the liquidators totalling £60,314.
Further unsecured creditor claims estimated in the statement of affairs total £88,955, the published documents say.
(Image: Ed Nix)
Over the past year, liquidators say they investigated whether any recoveries could be made from directors or other parties, but concluded there were no further viable assets or claims.
Aircraft shown in the 2024 accounts at a book value of £238,181 had been sold before liquidation. The liquidators found the sales appeared to be at fair value and saw no basis for a claim over the transactions.
The aircraft sales happened about seven months before liquidation, outside the relevant period for a preference claim.
The aircraft were reportedly transferred to creditors and leased back so the company could continue trading.
A purchaser of a PA34-200 aircraft was said to owe £6,000. The liquidators received £4,980; the remaining £1,020 was treated as settled because the purchaser had paid a company liability instead.
Two employees were made redundant on 31 March 2025 and were given information to submit claims to the Redundancy Payments Service.
READ MORE: MOT centre and car shop collapses into administration
The flying school was based at Oxford Airport when it collapsed.
Its website, which has since been shut down, described the business: “At Go Fly Oxford we pride ourselves on offering a personal and tailored approach to pilot training.
“We know that people learn at different paces and in different ways, this makes catering for individual needs our main target.”
Oxford Airport’s main trade is pilot training. Flight schools at Oxford train pilots who go on to fly for more than 100 airlines in the UK and globally, including for British Airways.
Historically, the airport has been Europe’s foremost centre for professional pilot training with well over 40,000 students having started their careers there.
At one point, the airport’s runway was the busiest in the world with more than 235,000 movements a year (a take-off or landing) and up to 1,100 flights in a single day, its website says.
The business’ report says: “Over the course of 2025, the company will be complementing its Diamond DA40 fleet with a new fleet of Elixir aircraft, a safer and more efficient type of aircraft, which will provide a much reduced cost per flight hour.
“This, along with growth in enrolments and full utilisation of the European base will ensure the profitability of the business in the coming years.”
-
Oxford united FC4 weeks agoChris Gunter steps away Wales role to focus on Oxford United
-
Oxford University3 weeks agoNew to the Oxford English Dictionary this September
-
Oxford united FC2 weeks agoLIVE: Exeter City vs Oxford United – Jersey Mike's Trophy group stage
-
Student Life3 weeks agoOxford partnership allows OpenAI to use rare Bodleian texts to train ChatGPT
-
Traffic & Transport2 weeks agoWhy should I have to pay more for buses if I don’t use a smartphone? | Bus fares
-
Traffic & Transport2 weeks agoHow poor public transport policy is putting the brake on cities | Road transport
-
Oxford united FC3 weeks agoNorthern Ireland fans laud Oxford United defender Ciaron Brown
-
Oxford united FC2 weeks agoOxford United lose to Exeter City on penalties in Jersey Mike’s Trophy
