Jessica Fino 30 Apr 2018 04:55pm

Fintech may bring 30,000 jobs to UK

The UK fintech sector is expected to employ a total of 100,000 people by 2030

Research by Innovate Finance and WPI Economics revealed that 30,000 new jobs will be created over the next decade, but that the UK could lose £361m if it fails to maintain a flexible immigration policy.

The report explained that the fintech sector is highly dependent on global talent, with 42% of employees coming from outside the UK, and 28% of those coming from the European Economic Area (EEA).

As a result, UK fintech community representative, Innovative Finance, called for action on accessing global talent and the development of local skills to ensure a workforce prepared for the future.

, “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, ” Catherine McGuinness, policy chairman of the City of London Corporation said.

“This data shows that more than one in four Fintech workers hail from the EU or EEA. This shines a spotlight on the urgent need to clarify an immigration policy for European workers ahead of the UK’s departure from the bloc in March next year.

“The sector’s growth and technological entrepreneurialism depend on it,” McGuinness added.

The report also found that 54% of firms surveyed said EEA migrants were important to founding their business, while only 29% thought their business would exist today without the involvement of these migrants.