PEER-TO-PEER platforms hope that Chancellor Philip Hammond will use his first Autumn Statement to offer public support for the UK’s fintech sector.
Hammond has been bullish on fintech in the past, supporting the creation of fintech ‘bridges’ between the UK and South Korea, and the UK and Singapore. Just last week he described the UK as the “global fintech capital” when praising digital wealth manager Nutmeg on its latest fundraising round.
With the UK’s relationship with the rest of the world uncertain following the Brexit vote, the P2P sector is urging the government to support London’s position as a global fintech hub.
“Wednesday’s Autumn Statement is the perfect opportunity for the Chancellor to put beyond doubt the government’s support for the UK’s fintech sector,” said John Battersby, head of communications and policy at RateSetter. “To re-establish policy momentum, setting a strongly positive tone and backing the future success of our world-leading fintech industry.”
Technology is set to get a boost in the Autumn Statement at least, as the government will announce a £1bn investment in ‘full-fibre’ broadband across the UK and a wave of ground-breaking 5G trials. Hammond is also expected to confirm funding for a further rollout of fibre broadband networks, prioritising SMEs.
“This is what I predict in the Autumn Statement: Huge infrastructure spending on roads and other projects,” said Stuart Law, chief executive of Assetz Capital. “If this happens, it could lead to interest rates rising sooner than later due to this effectively replacing what the Bank of England is trying to do with quantitative easing.”
The Autumn Statement wil take place on Wednesday 23 November at 12.30pm, after the day’s Prime Minister’s Questions. It will be followed by an opposition statement by Shadow Chancellor John McDonnell.