David Cameron is taking an aggressive stance in order to make the fintech industry in the UK a world leader. The $8 billion increase of technology investment should lead to substantial growth in the UK fintech industry. Are we now guaranteed to see the next great tech innovation from the UK?
FinTech already generates £20bn of GDP to the UK economy and directly employs 135,000 people. Innovate Finance's vision for 2020 is for the UK to attract $4bn of venture investment and $4bn institutional investment in corporate venture funds, accelerators and innovation programmes. And for the UK to generate 100,000 more jobs in this area, supported by new financial technology apprenticeships and degree courses that will create the skilled workforce necessary to make the UK the global centre for FinTech. Justin Fitzpatrick, a non-executive director of Innovate Finance and the co-founder of data provider, DueDil, told IBTimes: "It is important that the UK continues to maintain an open environment for skilled immigrants, the UK has always been an attractive place for global talent.