The UK government is pledging tailored support for financial technology firms as they launch, scale, and go public, aiming to position the country as the “fintech capital of the world.”
Fintech will play a pivotal role in the Leeds Reforms aimed at overhauling the financial system, boosting investment, and creating skilled jobs across the UK, according to Chancellor of the Exchequer Rachael Reeves.
These firms will receive dedicated support during their start-up stages, enabling them to establish a proven business model and secure growth funding. A single point of regulatory contact will assist businesses during their scale-up phase, offering technical support to clarify requirements and enhance regulator responsiveness.
Additionally, the government is set to enhance access to finance for businesses, credited to an increase in the British Business Bank’s financial capacity to £25.6 billion.
The sector can also anticipate a stronger talent pipeline, facilitated by a new Global Talent Taskforce aimed at attracting top international talent, funding for 50 PhD students, and a financial services skills compact led by the Financial Services Skills Commission to meet skill demands.
On a broader scale, the Leeds Reforms aim to unlock retail investment in the UK, reduce bureaucratic barriers to attract investment, and implement changes at the Bank of England to increase the minimum capital and certain types of debt that banks must hold. This move is expected to free up billions for lending and investment.
Reeves stated, “We fixed the public finances and stabilized the economy. Now we need to leverage our global strengths to position the UK ahead in the race for financial businesses, creating skilled jobs nationwide and helping savers’ money go further through our Plan for Change.”
Henk Van Hulle, CEO of Open Banking Limited, praised the plans: “The Chancellor has committed to the long-term goals vital for the UK. A modernised financial system—faster, more open, and easier to navigate—will drive growth, attract global investment, and yield better outcomes for both consumers and growing businesses.
“We strongly support initiatives to streamline regulation, enhance monetary flow in the economy, and provide more flexible financial advice. However, there is potential for more rapid progress. With the Data (Use and Access) Act 2025 in place, Open Banking and smart data—leading to Open Finance—are foundational for achieving these ambitions.”