© Reuters. File photo: Flags of the United Kingdom and the European Union in Brussels, BelgiumWritten by Hu Jones
LONDON, Feb 26 (Reuters) – Brexit, Govt-19 and competition from overseas are clouding the future of UK financial services, and a government-funded study said Friday that the country needs to be more competitive.
The UK’s exit from the EU has disrupted access to the financial technology sector for the world’s largest single market, making the country less attractive to companies seeking to expand beyond its borders.
The study, led by Ron Khalifa, former CEO of financial services firm World Bay (F :), establishes a “strategy and distribution model” that includes a new தொடக்க 1 billion business start-up and acceleration fund. Work visas to hire the best talent globally.
“It’s about accelerating financial services and our position in the world and bringing innovation to the core bank,” Caliph told Reuters.
The UK has a 10% share of the global financial services market, with revenues of 11 11 billion (65 12.65 billion).
“This assessment will make a significant contribution to our plans to maintain the UK financial services leadership,” said Finance Minister Rishi Sunak, who said the government would respond in a timely manner.
The study notes the strong investment in financial services in Australia, Canada and Singapore, as well as the need to be more proactive in accelerating the digitalization of COVID-19 finance, which means the future of the sector in the UK is not insured.
The study aims to develop a common ground for financial service policy between various government and regulatory bodies and to integrate private sector initiatives into the new Center for Finance, Innovation and Technology (CFIT).
(1 euro = 0.8696 pounds)
(Information by Hu Jones; edited by Hugh Lawson (D :), Jason Neely and Jane Merriman; translated by Flora Gomez in the Gdansk newsroom)
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