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Peer2Peer Finance News | July 27, 2017

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UK government steps up fintech strategy

UK government steps up fintech strategy
Anna Brunetti

A NEW digital strategy unveiled today by the UK government is poised to boost the country’s fintech sector and digital economy in the wake of the Brexit vote.

The new plans, unveiled by the Department for Culture, Media and Sport, vows to make UK the best place in the world to start and grow a digital business.

Read more: Brexit could drive fintech firms out of the UK

The package involves a collaboration with the likes of Lloyds, Barclays and Google to offer free digital skills training to over four million Britons to create a tech-savvy national workforce.

It also aims at delivering fintech products that can help consumers access financial services and manage their finances better.

“This will build on the UK’s existing lead in the fintech sector, which was worth more than £6.6bn in 2015, and make sure the digital economy works for all, not just the privileged few,” said culture secretary Karen Bradley.

The new measures underpin the government’s strategic focus on the fast-growing fintech sector and comes just a few days after the Treasury announced the programme for Fintech Week 2017.

The event will bring together industry, government and regulators to focus on the issues affecting the sector, including investment, access to skills and business support to start-ups.

“The fintech sector is one of our fastest growing sectors, adding more than £6.6bn into the UK’s economy and attracting more than £500m of investment,” Chancellor Philip Hammond said on Sunday.

“In the UK tech sector jobs are being created at twice the rate of the wider economy,” said TechCity UK’s chief executive Gerard Grech commenting on Wednesday’s measures.

“Digital strategy provides an ambitious road map for the industry to continue growing at this rate.”

“We must ensure that we stay ahead by continuing to provide a supportive environment for British startups and digital companies to grow in, especially since other countries are trying to take advantage of our departure from the European Union.”

Read more: UK fintech investment falls amid Brexit concerns