The Tony Blair Institute for Global Change has called on the Labour Party to leverage the FinTech sector as a catalyst for economic growth, opportunity, and inclusivity across the UK, should it emerge victorious in the upcoming UK general election.
In a joint effort with the Startup Coalition, the Institute, led by the party’s former prime minister, Tony Blair, releases the report which claims that FinTech firms have the potential to stimulate economic expansion provided they operate within a conducive environment, according to Finextra.
This entails optimising incentives such as R&D tax credits and share option schemes, fostering FinTech export opportunities, and ensuring regulatory clarity.
With Labour holding a significant lead in the polls, it is widely anticipated that Keir Starmer’s Party will reclaim power after 14 years in opposition, and now Blair is calling for the them to set out a progressive vision for FinTech.
Labour has already pledged to develop an open finance roadmap, and recent government initiatives, such as the establishment of a task force, align with this direction.
However, the Blair report urges for the swift establishment of an Open Finance framework within the first 100 days of assuming office.
Furthermore, the report advocates for the implementation of a comprehensive national financial inclusion strategy, placing innovation at its forefront.
Additionally, the report recommends the introduction of regulations for Buy Now Pay Later lending within the same timeframe, alongside the mandate for financial education in primary schools by 2025.
Jeegar Kakkad, director, government innovation, Tony Blair Institute for Global Change, remarked, “FinTech startups have a crucial role to play in breaking down barriers to financial opportunity across the UK.
“By developing a national financial inclusion strategy with fintech at its core, and delivering innovations like Open Finance, we can increase choice and competition in financial services. This will empower individuals and communities to take control of their financial well being like never before.”
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