The City of London Corporation is calling on the Liberal Democrats to adopt policies that support fintech so that London and the UK can continue to lead the world in this fast-growing sector.
The City Corporation is today (17 September) hosting a roundtable at the Liberal Democrat party conference in Brighton on the future of the UK’s financial service sector, and in particular fintech, after Brexit with the Social Market Foundation. Baroness Susan Kramer will address an audience of City figures and fintech experts at the event, which will be chaired by SMF Director James Kirkup.
This will be followed by a dinner on the ‘City, Capital, Country: the Future of London and the Regions’ where Tim Farron, former Leader of the Liberal Democrats, will be delivering remarks.
Fintech in the UK contributed £6.6bn to the economy last year and employs 76,000 people – a figure expected to climb to 105,000 by 2020. The UK accounts for 11 per cent of the global fintech industry, with a market size greater than California or New York.
The City of London Corporation last year published a report on the Value of Fintech – authored by KPMG – that outlined 10 recommendations to improve the competitiveness of the UK’s fintech offer. This included calling for fintech to secure a sector deal in order to ensure it is better supported through policy, regulation, funding, capital, infrastructure and talent. The Government responded by publishing the Fintech Sector Strategy in March.
Leading the City of London Corporation’s attendance at the Liberal Democrat conference, Policy Chairman Catherine McGuinness said:
“Fintech is a major asset for the UK’s economy and London provides a world leading ecosystem for firms in the sector. It is also delivering tangible benefits for customers by meeting their evolving needs.
“We cannot afford to take this success for granted, however, so it is vital that policymakers tackle bottlenecks that are constraining the growth of fintech firms. This includes ensuring that fintech firms have access to highly skilled international talent, particularly individuals with expertise in coding and software design, and equity finance. The Liberal Democrats should make supporting this high-growth sector a priority.”
The City Corporation has supported trade delegations featuring fintech firms across a number of key markets this year, including India and Australia. A delegation of nearly 50 European-wide fintech companies was also hosted at Guildhall in February.