Posted on April 8, 2016 by staff

Fintech sector ‘crucial to keeping Britain in EU’


Fintech firms have been urged to support the argument for Britain remaining in the European Union ahead of the June 23 referendum.

Mark Boleat, policy chairman at the City of London Corporation, is expected to tell the Innovate Finance Global Summit on Monday that staying in the EU is critical for the development of the tech sector.

The event will see more than a thousand of the world’s top fintech experts gather in the capital.

“Everything I hear from the tech industry supports Britain remaining in the EU,” he is expected to say, according to a report in City AM.

“The industry needs to engage actively in the debate.

“Successful entrepreneurs in rapidly growing industries are among the voices that will be listened to.

“It is far better have ‘entrepreneurs for Europe’ than ‘bankers for Brussels’ as a tagline.”

Boleat is also expected to say that the industry needs help in recruiting talent from across the globe via an improved visa system.

“We need to double our fintech workforce by 2020, ensuring those entering the workplace by then are equipped with both the right skills, and the opportunities to develop those skills in this sector.

“We must also ensure that the global talent pool for fintech remains open for UK businesses to draw upon, to help us in expanding our UK-based workforce.

“The current visa regime is capable of significant improvement in this respect.”

Ernst and Young reported recently that the fintech sector employs more than 60,000 people in the UK and is estimated to be worth around £20bn.

An Innovate Finance poll found that 82 per cent of fintech start-ups want Britain to stay in the EU.

The sector was credited with London fending off New York City to retain its title as the financial centre of the world when the Global Financial Centres Index was published this week.

BusinessCloud will be hosting Brexit breakfasts in Lytham, Lancashire, and Birkenhead, Merseyside, ahead of the referendum.

UKIP leader Nigel Farage will be on a panel arguing for an EU exit while another panel will put forward the case for remaining in the Union.