Britain’s top fintech officials met Rachel Reeves on Tuesday morning in the Chancellor’s latest financial summit to boost economic growth.
The co-chairs of Innovate Finance’s Unicorn Council for UK Fintech joined leading executives at the Treasury’s meeting, City AM has learned.
The council, which launched in March 2024, aims to provide the government with policy recommendations to protect and maintain the UK’s position as a global leader in the fintech industry.
Bosses from Revolut, Stripe, Wise and Zilch met the Chancellor at 11 Downing Street, as first reported by Sky News’ Mark Kleinman.
The fintech executives had been asked to come “armed with ideas about how to improve UK competitiveness,” sources told Sky.
Emma Reynolds, the economic secretary to the Treasury, also attended the meeting.
The talks followed the Office for National Statistics’ latest GDP figures released on Friday that showed the UK economy had shrunk 0.1 per cent in January.
Chief executive of Innovate Finance, Janine Hirt said: “The continued success of the UK fintech sector is fundamental to driving growth across the country – significantly contributing to productivity in the UK, powering more than 59 per cent of all SME lending and helping to create a fairer, more inclusive financial services system.”
She added: “With fintech making up more than half of all UK unicorns, this is a thriving sector that is a natural ally in helping the Government achieve its ambitions around growth.”
Reeves has met executives from retail and investment banks over the last month, as the Treasury gears up to publish its first financial services growth and competitiveness strategy.
In a statement following the meeting, Reeves said: “We are taking action to make our rulebook more competitive to support growth, the number one mission for our Plan for Change, and have asked the FCA to reform the regulatory structure around capital markets to make it work better for UK firms.
“This will ensure they can grow and invest across the economy, kickstarting growth and getting more money in people’s pockets.”
Tuesday’s meeting followed the Chancellor’s first major regulatory reform last week, with the folding of the Payment System Regulator into the Financial Conduct Authority.
