Labour needs to “get serious” about maintaining UK fintech growth if it wants to succeed, according to a new report.
Fintech has been one of the great success stories of UK tech, having produced more unicorns than any other sector, including Britain’s most valuable private company, Revolut.
However, the Labour government has yet to effectively act on its manifesto pledge – outlined in the party’s Financing Growth report in February last year – according to tech lobby group Startup Coalition.
“The fintech sector was a UK growth story of the last decade, but we’re yet to see Labour seriously seize the opportunity to make it a key catalyst of their own growth mission,” Startup Coalition policy director Charlie Mercer commented.
The group has called on the government to prioritise the enhanced implementation of Open Finance – one of Labour’s manifesto commitments that would expand firm’s ability to exchange data with financial institutions to develop new innovations.
The report also demands a streamlined financial regulatory system that better balances consumer protection with growth to clear the “regulatory backlog”.
“Our vision sets out tangible steps to send out a signal that the UK is the best place in the world to start and scale a fintech,” added Mercer.
“Our vision for growth is actionable, clear, and gets to the crux of the issues facing fintech founders right now – start to combat these key barriers and Labour will very quickly reap the rewards of one of the UK’s greatest assets: its fintech entrepreneurs.”
Read more: The next five years: What will it take to keep the UK at the top of global fintech?
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