Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what recent assessment his Department has made of the benefits of FinTech to the UK economy.

Fintech offers a significant growth opportunity for the UK economy, providing new jobs, and delivering benefits to consumers through increased competition and innovation in financial services.

The Fintech sector contributes £6.6bn annually to the economy, employing 60,000 people across 1,600 companies.

The government’s ambition is for the UK to consolidate its world-leading position in FinTech and to become the leading global hub for financial innovation. In recent months I have held a roundtable with FinTech firms to discuss how to maximise opportunities for the sector and recently met the regional FinTech envoy to Scotland to discuss the benefits FinTech can offer across the UK.