The UK FinTech Strategy – GIGLY’s Response

The UK FinTech Strategy

Chancellor Philip Hammond yesterday announced the UK’s very first FinTech Strategy, which covered a wide range of topics, opportunities and concerns for the country to address.

In response to the Chancellor’s announcement, John McHugh – CEO of GIGLY – had this to say:

GIGLY envisages a bright future for Peer2Peer exchanges, Despite its embryonic status, cryptocurrency is a vital aspect of this future. It is therefore extremely disappointing to see the UK Government continue to bury their heads in the sand on cryptocurrency once again. Like Pavlov’s dog, banks and government maintain a blinkered position: cryptocurrency bad, blockchain good. If the UK is to prosper in this brave new digital world, then we must be more bold in acknowledging that all digital technologies will benefit the human, the individual, the worker.

 

We do however welcome the introduction of regional taskforces designed to share FinTech growth throughout the UK. How well resourced this taskforce is will determine its success. If the strategy is soundbites and figureheads then our international rivals will be delighted. Just look at China to see how heavily and meaningfully our rivals are investing in their own digital economy.

 

For GIGLY, the highlight of the UK FinTech Strategy  is TechCity’s partnership with the Barclays Connect with Work programme. Finally we have a work programme that can help encourage 16+ year olds with an aptitude for FinTech (potentially excluded due to socio-economic factors) to get in to the sector. We look forward to hearing more about this programme, and clearly the channeling or our labour force towards the growing FinTech sector is a good thing. The devil is in the detail though, so we’re hopeful that this effort is handed sufficient resources.