UK Government Measures for FinTech – Autumn 2017 Budget

By Jonathan Lawrence

The UK Chancellor of the Exchequer, Philip Hammond, included three measures in his 2017 Autumn Budget on 22 November of interest to the FinTech industry:

  • Regulators’ Pioneer Fund:  The aim is to help unlock the potential of emerging technologies. The new £10 million fund is designed to help regulators to develop innovative approaches aimed at getting new products and services to market.
  •  Tech Nation:  To secure the position of the UK in digital innovation, the Government will invest £21 million over the next 4 years to expand Tech City UK’s reach – to become ‘Tech Nation’ – and support regional tech companies and start-ups. Tech Nation will roll out a dedicated sector programme for leading UK tech specialisms, including FinTech and Artificial Intelligence. Regional hubs will be located in: Cambridge, Bristol and Bath, Manchester, Newcastle, Leeds and Sheffield, Reading, Birmingham, Edinburgh and Glasgow, Belfast, and Cardiff.
  • AI: The government plans to create a new Centre for Data Ethics and Innovation, to enable safe, ethical, and ground-breaking innovation in AI and data-driven technologies. This advisory body is designed to work with the Government, regulators, and industry to help lay the foundations for AI adoption. The Government will also invest over £75 million to progress key recommendations of the independent review on AI, create new AI fellowships, and provide initial funding for 450 PhD researchers.

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