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Peer2Peer Finance News | October 23, 2017

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Fintech pivotal to London’s future prosperity

Fintech pivotal to London’s future prosperity
Suzie Neuwirth

FINTECH is one of the most important sectors for London’s economic growth over the next five years, according to firms in the capital.

The CBI/CBRE London Business Survey found that 47 per cent of 271 respondents cited the fintech sector as pivotal to London’s future prosperity. This was only topped by the tech and creative sectors – which was ranked highest by two thirds of respondents — and professional services (49 per cent).

Despite Brexit uncertainty, 91 per cent of firms continue to rate London as a good or great place to do business.

With 88 per cent of London businesses surveyed employing staff from the EU, 73 per cent were concerned about the UK’s role in Europe.

Read more: London confirmed as fintech world leader

27 per cent of respondents indicated that they are planning to move part of their operations overseas as a result of Brexit and 62 per cent are developing a strategy to address skills shortages if restrictions are placed on EU nationals working in the UK.

“Despite the political uncertainty in the air, London continues to enjoy sound economic health and strong business fundamentals,” said Eddie Curzon, CBI London director.

“Nine in 10 firms say our city is a great place to do business, whilst investment, expansion and hiring plans are all running high.

Read more: London Mayor appoints new investment partners to fund fintech

“It’s clear Brexit is weighing heavily on minds in the capital though, so it’s absolutely vital that substantive progress is achieved during the Brexit negotiations and that comprehensive, time-limited transitional arrangements are agreed with all urgency.

“Our businesses need to make decisions now about investment and employment that will affect economic growth and jobs in the future. London – and the country as a whole, which benefits from a flourishing capital – needs the best business environment in which to grow, create jobs and boost prosperity.”

Read more: Fintech Wars: Could Germany steal the UK’s fintech crown?