The UK is at risk of losing its dominance in financial services if the government does not support one of its most important export industries.
The UK’s Most Influential Sector Globally: Fintech – A Major New Report On The Mix Of Finance And Technology, According To A New Report.
Ron Califa, president of the upstart WorldPay, was tasked with drafting a plan for how the UK could (and should) strengthen its leadership position in financial innovation by accelerating investment in FinTech.
He spoke in support of the Alliance of America, but said that maintaining some independence was important to Britain.
Among the new financial firms selling stocks for fund expansion and innovation to Fintech, the US-based Nasdaq index attracted 40% of new listings, compared to just 5% in the UK.
This restart of UK finances is necessary, according to Martin Magnott, a major investor in a number of celebrated and valued start-ups in the UK.
He is a senior partner at the investment firm Index Ventures, which has invested in companies such as Deliveru and Transferway from inception until the upcoming billion-pound public sale of shares (public listing).
He cautioned that the UK and London should not be complacent about their place in the financial world: The UK needs a wake-up call.
There was a time when setting up a new UK fintech business , but the UK is falling strangely, thanks in part to Brexit.
There will be big IPO stocks, which will be considered a big hit in the UK, but the reality is that these companies were founded by 10-15 year olds and UK-based founders, he said.
London has overtaken Amsterdam as the largest shopping center in Europe. A small part of the total business in London is in this business, but European centers and regulators are eager to reward more financial business outside the UK-Brexit.
UK regulators are frustrated that the European Union (EU) will see more business leaks outside of London into World Bank subsidiaries outside London, and will agree to treat the European Union (EU) as an equivalent within the bloc. commercial. EU
Including Barclays CEO Jess Staley, told the BBC that the real competition was between the United States and Asia.
Ron Calipha used to say that no matter where you come from, the UK must be vigilant and pragmatic to protect a sector that pays 10% of the UK’s gross domestic product and 12% of all its taxes.
The report comes ahead of the chancellor’s budget speech next Wednesday, which is expected to highlight the government’s determination to stay ahead of expectations.
As one Treasury official put it: The timing of the caliphate report is not an accident.