George Osborne announces new Fintech Policies at Level39
8th August 2014
Chancellor of the Exchequer George Osborne announced several pioneering fintech policies at Level39 this week.
Speaking at the launch of Innovate Finance, the Chancellor outlined several new initiatives that show the government’s willingness to learn more about the financial technology sector.
As the #InnovateFinance hashtag trended on Wednesday morning, we will illustrate these policies using a few tweets.
The Chancellor’s comments on virtual currencies were reported far and wide by the UK press. In an official government statement, it is explained that the government are going to consider whether virtual currencies ‘could or should’ be regulated in the UK, and what ‘positive change’ that crypto-currencies can inspire.
Mr Osborne’s comments about alternative lenders sparked a lot intrigue. The Chancellor explained that banks who refuse small businesses loans will be obliges to ask whether the business in question would like their details shared with selected crowdfunders, invoice financiers or P2P lenders. The official statement elaborated, explaining that the UK’s alternative finance market with soon be worth £1.4bn.
Improving the UK’s digital infrastructure was key to the Chancellor’s plans. The government explained implementing state-of-the-art that digital infrastructure is paramount in enhancing the country’s competitive position on a global scale.
It was also announced that Sir Mark Walport will led a future-gazing project that will make intelligent assumptions as to what is to happen next in fintech. Sir Mark goes by @uksciencechief on twitter, and was polling his followers today on the subject of science and innovation.
The British Business Bank and Innovate Finance will soon be working in tandem on certain special projects. This news came in parallel to the Chancellor’s announcement that another £100m will be added to BBB’s investment programme, having already invested the same sum in fintech.
Finally, the Chancellor announced that UK Trade & Investment, the organisation responsible for attracting new businesses to the UK, have been asked to make fintech a priority. In addition to helping indigenous businesses to grow, the Chancellor explained that he also wanted global fintech businesses to internationalise at in the UK – this is something we’re also very passionate about at Level39.
Check out the official website for full detail on the new government policies and initiatives.