Response to Theresa May’s speech at the CBI Conference

“Innovate Finance welcomes the Prime Minister’s speech and the launch of a Patient Capital Review, chaired by Sir Damon Buffini, to help innovative firms get the long-term investment they need to transform breakthrough ideas into sustainable businesses.

Investment in innovation is critical to the UK’s future and ensuring the UK has the right funding ecosystem is a positive step. Innovate Finance is calling on UK government to expand the role of the British Business Bank to play a more prominent role in venture investment across FinTech and other high tech sectors. We would welcome an opportunity to support this important review.

We also welcome the announced Small Business Research initiative which will look at the strategic use of government procurement to spur innovation in the public sector. We have called for the UK’s regulators to support a RegTech transformation and for digital financial services to play a central role in any future industrial strategy.

Innovate Finance welcomes the Prime Minister’s ambitions for Britain to become the global go-to place for scientists, innovators and tech investors. A commitment to bring the brightest and the best to the UK is also supported.

The UK FinTech sector is a globally dynamic sector which relies on access to talent from across the world. For the UK to maintain its edge in FinTech the government must commit to attracting global talent whilst also developing local skills base.”

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