A new review, which was commissioned by the Treasury and undertaken by Ron Kalifa, former CEO of payments giant Worldpay, has outlined Brexit Britain’s fight to lead the world on fintech. The former company chief claimed Britain’s departure from the European Union had cut the industry’s access to the world’s biggest single market.
And the report warned Brexit has made the UK less attractive for finance and technology giants wanting to expand internationally.
But it said a new billion-pound start-up fund, combined with fast-tracking work visas for hiring the best talent globally, could boost the nation.
Mr Khalifa said it was important for the UK “our place in the world” and “bringing innovation” into the sectors.
He added: “If the UK is to retain its position as a global leader in financial services, then we must lead this technological revolution.
“Just as we led in previous industrial revolutions, we must do so again in this one.”
Last night, Whitehall sources said the UK would be the “crown jewel of the fintech world”, weeks after it became clear Amsterdam had begun a powergrab for London’s financial services.
They added: “Just because we have left the EU and single market, we are not missing them.
“We will thrive in a post-Brexit world.
“The report will be responded to in due course.”
It comes amid fears EU cities such as Amsterdam could take London’s crown as the centre of the continent for finance.
It is expected an agreement between Brussels and London on financial services will be finalised this week.
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8am update: MPs urged to support Trade Bill amendment
MPs can “send a signal” to China and “give hope” to victims of human rights abuses by supporting a House of Lords amendment to the Trade Bill on Monday, a former Conservatives leader said.
The Government will seek in the Commons to overturn the amendment which would limit its ability to strike agreements with countries involved in the most serious human rights abuse.
Sir Iain Duncan Smith joined the voices of senior Tories who have called for relations with China to be cooled, despite the Prime Minister’s Integrated Review of security, defence, development and post-Brexit foreign policy published last week calling for a “positive trade and investment relationship” with Beijing in the run-up to 2030.