Today the UK Government hosted the International Fintech Conference in the heart of the City of London, which aims to promote the UK’s vibrant financial technology sector. Yet actions speak louder than words: Brexit is already causing firms to either consider relocating or starting up their businesses elsewhere in Europe.
In 2015, fintechs employed more than 61,000 people and generated some £6 billion in revenue. The sector also attracted half a billion pounds of capital investment.1, 2 That is now at risk as firms face uncertainty about the status of their employees and the prospect of losing vital access to the Single Market.
As Liberal Democrat Treasury spokesperson Baroness Kramer said earlier today: “...there is one very simple way the government could attract more entrepreneurs and keep the ones we already have: by guaranteeing that Britain will remain in the Single Market".
That is why Westminster and City of London Liberal Democrats will continue to fight for the rights of EU citizens living in the constituency. And we will champion the voice of business with our commitment to retain Single Market membership.
For follow-up enquiries, please contact:
Luisa Porritt, Press Officer, Westminster & City of London Liberal Democrats