Brexit: Sunak outlines UK financial services sector plan

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An independent report by British entrepreneur Ron Kalifa has set out the strategy the Government should adopt to secure its position as a world leader for the financial technology sector. The UK already has more than 10 percent of the global share of fintech firms.

The sector contributes more than £11billion a year to the UK economy.

In 2020, investment from the UK into the sector stood at £2.95billion – more than the next four European countries out together.

Mr Kalifa has now given the Treasury a plan for how post-Brexit Britain, can “usher in a period of dominance” in financial services.

He recommended the introduction of a new visa to fast track specialists from around the world who want to set up in Britain, creating a £1billion fund to help firms grow, and the creating of a new “Centre for Finance, Innovation and Technology” to help create a new fintech boom across the UK.

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It is hoped implementing the proposals in the report will help create new high skilled jobs across the UK and boost trade opportunities.

Mr Kalifa said: “Britain has a proud record of starting-up and scaling-up some of the best-known fintech products, but we cannot rest on our laurels.

“The next powerhouses will not be created by accident.

“We must continue to nurture our start-up culture, but crucially we must also give our high growth firms the support to become global giants.

“With the right reforms that encourage entrepreneurialism, investment and make it easy to attract and invest in talent, Britain can usher in a period of dominance that can help us build back better from Covid-19.”

Mr Sunak described the report as “an important contribution to our plan to retain the UK’s fintech crown”.

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The Treasury said the Chancellor will examine the proposals outlined by the entrepreneur before responding in due course.

“Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world,” Mr Sunak added.

“We must now build on our global reputation for fostering innovative start-ups and ensure firms can access the talent, finance and support they need to scale up here in the UK.”

The Chancellor has previously spoken about the opportunities Brexit presents the UK with to post the City of London on the world stage.

Earlier this year Mr Sunak said leaving the EU was a chance to replicate the success of the 1980s when Margaret Thatcher’s deregulation agenda helped financial services prosper.

He hailed Brexit as the chance for the “Big Bang 2.0”.

The Chancellor added: “If you look at the history of the City stretching even further back than that, it has always constantly innovated, adapted and evolved to changing circumstances and thrived and prospered as a result.

“And I think it will continue to do that.”

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