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Written question asked by Jonathan Lord (Conservative) on Thursday, 3 October 2019, in the House of Commons. It was due for an answer on Monday, 7 October 2019. It was answered by Simon Clarke (Conservative) on Tuesday, 8 October 2019 on behalf of the Treasury.

Productivity

Question

To ask the Chancellor of the Exchequer, what proportion of productivity growth can be attributed to financial technology in the last five years.

Answer

The government has not made an assessment of the proportion of productivity growth in the last five years that is attributable to financial technology.

However, the Government has taken significant steps to increase competition in financial services, including creating an environment in which Fintech firms can grow and compete with incumbents. The Competition and Market Authority has led the Open Banking initiative, bringing more competition and innovation to financial services. The FCA has also established the Innovation Hub and Regulatory Sandbox to support Fintech, both of which are held up as global examples of best practice. Further information on the Government’s efforts to promote Fintech can be found in the Fintech Sector Strategy, published in March 2018.

Secondary information

Type
Written question
Reference
294159
Session
2017-19
Subjects
Financial services Technology Productivity
Contains statistics
Yes
Link
View this Written question on www.parliament.uk