Labour Is Urged by the Blair Institute to Adopt FinTech for Economic Growth
The Tony Blair Institute for Global Change, in collaboration with the Startup Coalition, has released a report urging the Labour Party to capitalize on the FinTech sector’s potential as a driver of economic growth, opportunity, and inclusivity in the UK, should the party win the upcoming general election, as highlighted in Fintech Global News.
The report, led by former Prime Minister Tony Blair, highlights the importance of creating a conducive environment for FinTech firms to thrive. This includes optimizing incentives such as R&D tax credits and share option schemes, fostering FinTech export opportunities, and ensuring regulatory clarity.
With Labour currently leading in the polls, there is a strong expectation that Keir Starmer’s Party will return to power after 14 years in opposition. Blair is calling on the party to outline a progressive vision for FinTech.
Labour has already committed to developing an open finance roadmap, and recent government initiatives align with this direction. However, the Blair report emphasizes the need for the swift establishment of an Open Finance framework within the first 100 days of assuming office.
Additionally, the report advocates for the implementation of a comprehensive national financial inclusion strategy, with a focus on innovation. It also recommends the introduction of regulations for Buy Now Pay Later lending within the same timeframe, alongside the mandate for financial education in primary schools by 2025.
Jeegar Kakkad, director of government innovation at the Tony Blair Institute for Global Change, emphasized the critical role of FinTech startups in enhancing financial opportunity across the UK. He stated, «By developing a national financial inclusion strategy with fintech at its core, and delivering innovations like Open Finance, we can increase choice and competition in financial services. This will empower individuals and communities to take control of their financial well-being like never before.»