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Peer2Peer Finance News | July 29, 2017

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Hammond underlines importance of fintech for UK economy

Hammond underlines importance of fintech for UK economy
Suzie Neuwirth

BRITAIN’S leading status as a global financial powerhouse could be under threat if new technological opportunities are not cultivated, the chancellor will tell the UK’s international fintech conference on Wednesday.

In his speech, Philip Hammond (pictured) will explain how the UK’s cutting-edge industries, including fintech, can dominate the so-called fourth industrial revolution – which builds on the digital revolution – by supporting the economy.

However, he will also warn that the country cannot rest on its laurels of being the world’s leading fintech hub.  

Read more: Funding Circle’s Desai among confirmed speakers at Fintech Week 2017          

“We can’t remain the number one place for fintech and the other technologies of the fourth industrial revolution by simply relying on our ingenuity, talent and openness, we have to go out and get the business,” the chancellor will say.

“We will have to strive and graft and fight to seize the opportunities – and make the most of them. That means growing and strengthening the areas – like fintech – in which we enjoy a competitive advantage… while we need to continue to attract the brightest and the best from around the world to these shores.

“We must also do better at nurturing and developing the home-grown talent to drive our economy forward in the future. Our vision of an outward-looking, Global Britain will deliver the high-skilled, high-wage economy of the future that will power the higher living standards we all want to see for future generations.”

The UK’s first international fintech conference will bring together over 100 UK fintech firms and hundreds of investors from all over the world in an effort to attract investment into the sector.  

The fintech sector employs more than 60,000 people in the UK and is worth almost £7bn to the UK economy.

“Fintech provides consumers with better services, more choice, and lower costs for businesses, it can mean access to new and cheaper credit,” the chancellor will say.

The conference is part of the second annual UK fintech week, which aims to showcase the sector’s success, global regulatory expertise and attract investment. Industry, government and regulators will be in attendance to focus on the issues affecting the sector, including investment, access to skills and business support for start-ups.

Read more: Nearly one third of financial firms eye fintech M&A