Techub News reports, according to CoinDesk, a coalition of MPs from various UK parties has written to Chancellor of the Exchequer Rachel Reeves, urging changes to the Bank of England's proposed stablecoin framework to prevent stifling innovation and capital flight. MPs warned that the Bank of England's draft framework restricts the use of stablecoins in wholesale markets, prohibits interest on reserves, and sets a holding limit of £20,000, which could undermine the appeal of the City of London as a global financial center, forcing investors to turn to dollar-pegged alternative currencies. The letter calls for the establishment of a forward-looking stablecoin framework to ensure international investment, support the growth of high-value fintech, and reinforce the UK's position as a global innovation hub.