Chancellor Philip Hammond asserts importance of immigration for UK fintech

Chancellor Philip Hammond will today highlight the importance of immigration for maintaining the UK’s fintech crown.

Speaking at the UK government’s first international fintech conference today, the chancellor will say Britain needs to “continue to attract the brightest and the best from around the world” in order to stay ahead in fintech.

Read more: Brexit failed to derail the FCA’s fintech sandbox – in fact, it’s expanding

London has retained its crown as the fintech capital of the world this year, but it faces stiff competition from the likes of New York and Silicon Valley.

The sector, which has brought innovations such as contactless payment and banking apps, employs more than 60,000 in the UK, and contributes around £6.6bn to the economy.

However, the chancellor will assert today that the UK must attract more fintech talent to maintain its lead.

Read more: The City of London is creating a new fintech hub in the Square Mile

Hammond will say: “We can’t remain the number one place for fintech and the other technologies of the fourth industrial revolution by simply relying on our ingenuity, talent and openness, we have to go out and get the business.

“We will have to strive and graft and fight to seize the opportunities and make the most of them. That means growing and strengthening the areas – like fintech – in which we enjoy a competitive advantage… while we need to continue to attract the brightest and the best from around the world to these shores.”

The City of London is ramping up its efforts to attract fintech firms by opening a new hub in the Square Mile. Fintech firms have generally been attracted to Shoreditch, but rising rents have been pushing them beyond their traditional hot-spots.