Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

How Britain could keep its 'crown' in finance and technology after Brexit

How Britain could keep its 'crown' in finance and technology after Brexit

The United Kingdom should introduce special visas and overhaul its stock market rules to allow entrepreneurs to keep control of their companies if it wants to remain competitive in financial technology after Brexit.
Those are among the recommendations contained in a new report published on Friday. It is one of several reviews commissioned by the UK government to strengthen the hugely important financial services sector that is facing a precarious future because of the country's exit from the European Union.

"Britain has a proud record of starting up and scaling up some of the best known fintech products, but we cannot rest on our laurels," said Ron Kalifa, the former CEO of payment processing company WorldPay, who led the review. "The next powerhouses will not be created by accident," he added.

The United Kingdom has more than 10% of the global fintech market and the sector is now worth more than £11 billion ($15.3 billion) a year to the UK economy, according to the report.

But Britain's departure from the European Union — completed on Dec. 31 — has made it much harder for UK-based companies to access the vast EU markets. That could make the country less attractive to fast-growing digital banks and payments companies. In addition, new tougher UK immigration rules have made it more costly and cumbersome to hire Europeans.

"This review will make an important contribution to our plan to retain the UK's fintech crown, create more skilled jobs, and deliver better financial services for people and businesses," British finance minister Rishi Sunak said in a statement.

The report proposes allowing companies to list less of their stock when they go public and recommends changing the rules to allow dual class shares, which enable founders to retain greater control of their companies following an IPO.

These structures are relatively common in the United States and allowed on stock exchanges in Hong Kong and Singapore, as well as on China's Nasdaq-style Star Market. They are also permitted on Euronext Amsterdam, which has become a growing threat to the London Stock Exchange following Brexit.

The report also recommends setting up a £1 billion ($1.4 billion) fund to help firms grow and a fast-track visa to make it easier to hire foreign workers.
The report highlights three major threats to Britain's dominance, including Brexit, the pandemic and competition from countries such as Singapore, Australia and Canada, which are investing heavily in capital, skills and direct support for fintech startups.

TS Anil, the CEO of digital bank Monzo, was one of several executives to welcome the recommendations. "We're supportive of this review's recommendations, which would help the next generation of financial technology companies get off the ground, while enabling established companies, like Monzo, to take it to the next level," he said in a statement.

Olly Betts, a director at accelerator Founders Factory, told CNN Business that the review creates the right regulatory and investment frameworks to make the United Kingdom the "center of fintech and the jumping off point for expansion into Europe and beyond."
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×