Hammond backs future of UK fintech on regional tour of Britain

UK Chancellor Philip Hammond is expected to tout the strengths of the country’s financial technology sector as he visits two regional hubs — despite the threat Brexit poses to the industry.

Hammond will travel to Halifax and Edinburgh on Thursday where he will meet representatives from banking, asset management and fintech, according to statement from HM Treasury.

He is expected to say that the UK will remain a world leader in financial services after the country’s exit from the European Union.

According to HM Treasury, he will say: “Fintech is the future of financial services, and the UK leads the world in harnessing its power.”

Since the Brexit vote in June 2016, the government and the Financial Conduct Authority have been keen to promote the status of the UK as a leader in financial innovation.

But there are fears within industry that Brexit will harm its ability to attract overseas talent and that losing access to the European Investment Fund will cut funding for startups. Additionally, EU rivals are keen to win business leaving London.

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