The Autumn Statement: any surprises?
The Autumn Statement has previously yielded good news for the peer-to-peer lending industry: in 2013, George Osborne announced the launch of the Innovative Finance ISA, and reaffirmed his support for the industry in statements that followed.
Yesterday marked the new Chancellor Philip Hammond’s first – and last – Autumn Statement, and while there weren’t any rabbits pulled out of hats, there were a few interesting announcements of relevance to the fintech sector.
There was one big-ticket announcement: £400m will be invested in venture capital funds, helping young businesses in the fintech, life sciences and digital industries to grow. The Chancellor also announced £500,000 in funding for fintech specialists within the Department for Trade, who will help to promote the UK as an international hub for the industry. In addition, an annual ‘state of FinTech’ report will be produced as a reference point for activity, trends and growth in the sector. City AM has published a good overview of the package of announcements on fintech.
In terms of a wider account of the measures announced, there’s a good summary of key changes on the BBC’s website, and if you want to know how it will affect you personally, do take a look at the Telegraph’s guide here.