Hung Parliament - What's next for FinTech?

June 9, 2017

From the perspective of the UK’s FinTech sector, today’s announcement that the general election has resulted in a hung Parliament is unsurprising.

The tech sector has been vocal in its disagreement with the Conservative stance on immigration, despite the general support shown by the Conservatives for the UK’s FinTech industry.

As a global FinTech business, Payment Cloud Technologies shares the view of our colleagues in the tech industry, that the Conservative policy of doubling the Immigration Skills Charge to £2,000 would not be conducive to the growth of the sector.

Many businesses are reporting a digital skills gap among employees, so we fully support all investment and education in UK workers to meet this shortage.

However, we urge the new minority government to enable easier access to the highly skilled international workforce that the UK’s startups and established FinTechs thrive on.

We would also seek assurances from the government that our financial services and payments organisations would retain passporting rights to deliver products and services across the European Economic Area post-Brexit.

The Emerging Payments Association’s recent Passport to the Future report highlighted that the loss of such rights could result in the flight of some or part of our 5,500 licenced companies abroad, having a significant negative impact on the UK’s economy.

FinTech is a key cornerstone of the UK’s economy and employment, and as an established FinTech business, PCT  is leading the industry in harnessing its potential to drive positive social and financial change.

We look forward to working with the UK government to further the interests and success of British businesses at home and abroad.

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