Fintech expected to bring 30,000 jobs to UK

Fintech expected to bring 30,000 jobs to UK

Research from Innovate Finance and WPI Economics has shown that fintech could help to boost employment in the UK, with the industry creating 30,000 new jobs over the next ten years and the number of people employed in the sector expected to reach 100,000 by 2030.

The report highlighted the importance of global talent to the UK’s fintech sector and called for a flexible immigration policy to be put in place to prevent the UK from losing over £350 million.

Action

According to the research, more than 40% of employees in the fintech sector come from outside of the UK, while 28% come from the European Economic Area (EEA).

Innovate Finance is now calling for action to be taken to enable the fintech sector to have access to global talent and for the growth of local skills to make sure that the workforce is better equipped for the future.

The figures also showed how dependent businesses in the fintech sector are on global talent, with more than 50% of companies saying that migrants from the EEA were important to founding their business.

Just 29% of businesses surveyed believed that their company would still be operating if they had not employed any migrants.

Essential

City of London Corporation Policy Chairman Catherine McGuinness commented: “As the financial services sector increasingly turns to technology to shape its future, it’s essential that the UK is able to attract international talent to unlock the full potential of this thriving industry.”