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Peer2Peer Finance News | October 20, 2018

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Prime Minister voices support for UK fintech in Bank of England speech

Prime Minister voices support for UK fintech in Bank of England speech
Marc Shoffman

THERESA May (pictured) has spoken of the importance of the UK remaining a global hub for fintech.

Speaking at an event marking the 20th anniversary of the independence of the Bank of England, the Prime Minister spoke of the importance of a free market economy to reduce poverty and improve disposable income as well as supporting innovation.

Read more: Fintech pivotal to London’s future prosperity

Read more: Chancellor sets out commitment to UK fintech

She also described a “thriving financial services sector” as vital to the UK’s prosperity.

“That sector [financial services] benefits from a strong and respected framework of regulation, which incentivises innovation,” May said.

“We will work with the sector to ensure the UK remains the world’s financial centre and the global hub of fintech.”

May spoke of the Bank’s important shared responsibility it has with the government “to promote the prosperity of the people we serve” in supporting the health and sustainability of the financial sector while also monitoring inflation.

“There was never any real disagreement about what the central aim of monetary policy should be – to eliminate the high inflation which had bedevilled the British economy for decades,” she said.

“From the start of inflation targeting in 1992, and operational independence in 1997, that is what the Bank has helped to achieve.

“As it has in other countries, central bank independence has helped improve credibility and accountability, has successfully anchored inflation expectations and has contributed to low and stable inflation.

“The results have been impressive.

“Since independence, UK inflation has been much more stable than it was in the previous twenty years, when it fluctuated from one per cent to 22 per cent.

“We know that high inflation hurts ordinary people, and that low and stable inflation benefits households and businesses.”

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