Government vows to make UK ‘fintech capital of the world’

Editorial

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Fintech will be a crucial part of the Leeds Reforms to rewire the financial system, boost investment and create skilled jobs across the UK, says Chancellor of the Exchequer Rachael Reeves.

Fintechs will receive intensive support through the start-up phase, helping them create a proven concept and attract growth funding. A single regulator point of contact will also help these businesses through the scale-up phase, providing technical support to help understand requirements and speeding up regulator responsiveness.

Meanwhile, the government is promising that businesses will benefit from better access to finance thanks to the recent uplifting of the British Business Bank’s financial capacity to £25.6 billion.

The sector is also being told to expect a better pipeline of skills, with a new Global Talent Taskforce helping attract top international talent to the UK, funding for 50 PhD students and a new financial services skills compact led by the Financial Services Skills Commission to ensure skills needs are met.

More broadly, the Leeds Reforms will see efforts made to unlock retail investment in the UK, the cutting of red tape to attract investment, and Bank of England reforms to raise the minimum amount of money and certain types of debt that a bank must have, freeing up billions for lending and investment.

Says Reeves: “We fixed the public finances and stabilised the economy. Now we need to double down on our global strengths to put the UK ahead in the global race for financial businesses – creating good skilled jobs in every part of the country and helping savers’ money go further through our Plan for Change.”

Henk Van Hulle, CEO, Open Banking Limited, welcomed the plans: “The Chancellor has committed to exactly the kind of long-term goals the UK needs. A modernised financial system – one that is faster, more open, and easier to navigate – will drive growth, attract global investment, and deliver better outcomes for consumers and growing businesses alike.

“We strongly support moves to streamline regulation, improve how money moves across the economy, and unlock more flexible financial advice. But we can do more, and go even faster. With the Data (Use and Access) Act 2025 in place, Open Banking, smart data – and in time, Open Finance – are at the heart of delivering these ambitions.”