Policy Update: Making the Case for UK FinTechs at No. 10
Blogs on 30th October 2019
Last week, our CEO Charlotte Crosswell and Head of Policy and Government Affairs, Iana Vidal, joined senior representatives from across the tech industry at a private roundtable hosted by the Prime Minister’s business advisors. It was an invaluable opportunity to remind those closest to the Prime Minister of the UK’s success in innovation and technology, and of the potential for this to grow exponentially if the right conditions are cultivated by a supportive government.
Much of the discussion focused on the need to invest in skills and talent to ensure the continued growth of key sectors like FinTech and AI. Charlotte, alongside representatives from Innovate Finance members OakNorth, Funding Circle and 10x, highlighted the benefits of implementing a fast-track visa system for high growth businesses managing unprecedented levels of recruitment from overseas. We know that nations like France and Canada are improving their visa systems in order to attract high-skilled workers. The UK needs to implement urgent changes to the current immigration process if it is to remain competitive in the global market for talent. We also raised the ongoing issue of the current Enterprise Management Incentive (EMI) scheme limits, following the open letter to the Prime Minister published last month.
Financial inclusion was another key area discussed, and the Prime Minister’s team were interested to hear more about the role of FinTech in meeting the needs of the underserved and underbanked. Charlotte spoke about the growing use of digital IDs in India and some parts of Africa to demonstrate where FinTechs can provide solutions to unlock access to financial services.
The event was timely given it is now all but certain that there will be an election in the coming weeks. We will continue to focus our efforts on influencing the content of party manifestos.