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Peer2Peer Finance News | June 28, 2017

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General Election 2017: What do the main party political manifestos hold for P2P and fintech?

General Election 2017: What do the main party political manifestos hold for P2P and fintech?
Marc Shoffman

BREXIT, social care, the NHS and the housing market are perhaps the key buzzwords of the general election campaign, but is peer-to-peer or fintech getting a look in?

The three main parties have released their manifestos this week, with none mentioning the P2P sector and just the Conservatives referring to the fintech industry, while Labour and the Liberal Democrats refer to how they would help digital and technology companies.

Here is what the main manifestos have to say about fintech.

Conservatives

The Conservative manifesto lists the fintech sector among some of the leading lights of the British economy.

The party pledges to create a digital charter that would “make Britain the best place to start and run a digital business; and that we will make Britain the safest place in the world to be online.”

The document also refers to more support for the British Business Bank, the government initiative that lends to businesses through platforms such as Funding Circle.

“We will help digital businesses to scale up and grow, with an ambition for many more to list here in the UK, and open new offices of the British Business Bank in Birmingham, Bristol, Cambridge, Edinburgh, Manchester and Newport, specialising in the local sector,” the manifesto said.

Read more: Opportunity of a lifetime 

“We will ensure digital businesses have access to the best talent from overseas to compete with anywhere in the world.

“This will be complemented by at least one new institute of technology in the UK, dedicated to world-leading digital skills and developed and run in partnership with the tech industry.

“When we leave the European Union, we will fund the British Business Bank with the repatriated funds from the European Investment Fund.”

Labour

The Labour manifesto says the party would appoint a digital ambassador to liaise with technology companies to promote Britain as an attractive place for investment and provide support for start-ups to scale up to become world-class digital businesses.

“Our Digital Ambassador will help to ensure businesses are ready to grow and prosper in the digital age,” the manifesto states.

Liberal Democrats

The Liberal Democrat manifesto includes little mention of technology companies, but says the party would aim to double the number of businesses which hire apprentices, which would include expanding apprenticeships in “creative and digital industries.”

The manifesto also commits to building digital skills in the UK and retaining coding on the national curriculum in England.

Fintech and P2P won’t be the main issue when it comes to election day on 8 June, but it is good to know the type of environment the sector will be working in for the next five years.

Lawrence Wintermeyer, chief executive of Innovate Finance, said: “To secure the continued prosperity of fintech and other tech sectors, any future UK Government must ensure that we have an efficient visa system, immigration policy, and highly skilled domestic workforce – that continues to prioritise both local and global talent.”

Read more: Funding Circle’s Desai: use P2P for monetary stimulus

Read more: UK SMEs to back Tory leadership