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.