An Ernst and Young report for the UKTI predicts that fintech in the UK is worth £20 billion annually and is growing quickly. One EY executive views fintech as one of the three pillars of growth for the UK over the next six years.
So where will the main opportunities for future growth come from? Look closely and you will see three sectors whose economic benefit to the UK by 2020 will be worth nearly £300bn. That’s fintech, investment in our national infrastructure, and the opportunity to reshore jobs back to the UK from emerging markets. Let me start with fintech. The UK market is one of the most attractive for fintech in Europe, it is worth around £20bn in revenue annually, as EY’s report for UKTI showed, and is growing fast. What is unique about the UK is the combination with consumer appetite for innovative products and services. The UK already has one of the highest levels of internet and mobile phone penetration globally, the highest e-commerce spend in Europe, and is currently leading in innovative, technology-driven access to financial services.