The Tony Blair Institute for Global Change is urging the Labour Party to harness the potential of the FinTech sector to drive economic growth, opportunity, and inclusivity across the UK if it secures victory in the upcoming UK general election.
In collaboration with the Startup Coalition, led by former Prime Minister Tony Blair, the Institute has released a report highlighting the capacity of FinTech firms to fuel economic expansion, provided they operate within a conducive environment, as reported by Finextra.
This necessitates optimizing incentives such as R&D tax credits and share option schemes, fostering FinTech export opportunities, and ensuring regulatory clarity.
With Labour maintaining a significant lead in the polls, there is widespread anticipation that Keir Starmer’s Party will return to power after 14 years in opposition. Blair is urging them to articulate a progressive vision for FinTech.
Labour has already committed to developing an open finance roadmap, aligning with recent government initiatives such as the establishment of a task force. However, the Blair report emphasizes the swift establishment of an Open Finance framework within the first 100 days of taking office.
Furthermore, the report advocates for the implementation of a comprehensive national financial inclusion strategy, prioritizing innovation.
It also recommends introducing regulations for Buy Now Pay Later lending within the same timeframe, along with mandating financial education in primary schools by 2025.
Jeegar Kakkad, Director of Government Innovation at the Tony Blair Institute for Global Change, stated, “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 enhance choice and competition in financial services. This will empower individuals and communities to take control of their financial well-being like never before.”
Source: fintech.global
