{"id":9034,"date":"2024-04-21T11:00:48","date_gmt":"2024-04-21T08:00:48","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=9034"},"modified":"2024-04-21T11:00:48","modified_gmt":"2024-04-21T08:00:48","slug":"uk-fintechs-ask-government-for-help-to-ease-capital-shortages","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=9034","title":{"rendered":"UK fintechs ask government for help to ease capital shortages"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/04\/uk-fintechs-ask-government-for-help-to-ease-capital-shortages.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><strong>Leaders of the UK\u2019s financial technology industry are urging the British government to increase tax relief and help them raise more investment, as some executives warn a shortage of domestic investors is holding back the sector.<\/strong><\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-118477026\">\n<div id=\"cypru-1459462826\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-7337083508622-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>Trade body Innovate Finance\u2019s \u201cUnicorn Council\u201d, which includes the CEOs of Monzo, Revolut\u2019s UK arm and ClearBank, set out policy recommendations this week that it said would help the UK maintain its position as a fintech hub.<br \/>\nGlobal venture capital investments fell to a near five-year low in the first three months of 2024, according to data from PitchBook, as high interest rates dampened risk appetite.<br \/>\nFintech companies in the UK say there is not enough investment coming from UK-based investors in particular.<br \/>\n\u201cThere is a well-documented problem with capital supply in both the UK listed markets and private Growth Capital,\u201d the group\u2019s statement said.<br \/>\n\u201cAll of the investment across our biggest fintechs (is) all overseas. Where are the UK pension funds? Why isn\u2019t that growth actually going into the pockets of the UK?\u201d added ClearBank CEO Charles McManus, speaking at the Innovate Finance Global Summit (IFGS) conference held in London on Monday.<br \/>\nInnovate Finance CEO Janine Hirt told Reuters that there needs to be more domestic investment in fintech.<br \/>\n\u201cWe know that actually the pension funds from around the world are investing into UK fintech so why are our own pension funds not doing that?\u201d she said.<br \/>\n\u201cThere is a necessary awareness that has to happen, with the pension sector, about how investing in our own fintechs is good for our own economy and is good for pensioners as well.\u201d<br \/>\nThe UK government launched the \u201cMansion House Compact\u201d in July 2023 to help channel cash from direct contribution pension funds into unlisted companies, as part of plans to persuade pension schemes to invest some of their funds in infrastructure and technology.<br \/>\nStill, the finance minister has said that Britain will not force pension funds to invest in high-growth companies.<br \/>\nHirt said that the Mansion House Compact has made some progress but that there needs to be more visibility over where pension funds are planning to invest.<br \/>\nThe industry group\u2019s recommendations for the government include abolishing stamp duty \u2013 a form of tax \u2013 and implementing \u201cexisting plans to address these capital gaps\u201d, the statement said, without giving details.<br \/>\nThe government should also expand the scope of business asset disposal relief \u2013 a scheme which reduces capital gains tax \u2013 and provide \u201ca VAT-rebate scheme\u201d for newer fintechs, the group said in its statement.<br \/>\nDespite the slowdown in fundraising globally, some UK fintechs are raising fresh cash.<br \/>\nDigital bank Monzo raised 340 million pounds at a 4 billion pound valuation, in a round led by CapitalG, a fund owned by Google-owner Alphabet (GOOGL.O).<br \/>\nThe UK government has said it is committed to supporting the fintech industry and last year backed the launch of The Centre for Finance, Innovation and Technology, to help remove barriers to the sector\u2019s expansion and boost job creation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leaders of the UK&#8217;s financial technology industry are urging the British government to increase tax relief and help them raise more investment, as some executives warn a shortage of domestic investors is holding back the sector.<\/p>\n","protected":false},"author":3,"featured_media":9035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[245,1902,195,461,4327,186,6862,6981,1512,4477,33,2542,3,2369,1310,7300,26,1312,569,518,84,4085,2110,250,3330,415,3767,1823,1991,6403,63,899,1401,2753,3752,3404,3940,450,34,3331,230,4833,3335,3840,4054,1827,1065,7299,1682,5065,1006,494,2439,6554,18],"class_list":["post-9034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-alphabet","tag-bank","tag-britain","tag-british","tag-british-government","tag-business","tag-capital-gains","tag-capital-gains-tax","tag-cash","tag-charles","tag-companies","tag-conference","tag-cyprus","tag-data","tag-digital-bank","tag-domestic-investors","tag-economy","tag-expansion","tag-finance","tag-finance-minister","tag-fintech","tag-fundraising","tag-funds","tag-google","tag-google-news","tag-government","tag-growth","tag-increase","tag-industry","tag-infrastructure","tag-innovation","tag-interest","tag-interest-rates","tag-investment","tag-investments","tag-investors","tag-leaders","tag-london","tag-markets","tag-news","tag-pensioners","tag-policy","tag-pound","tag-progress","tag-risk","tag-statement","tag-tax","tag-tax-relief","tag-technology","tag-technology-industry","tag-trade","tag-uk","tag-valuation","tag-visibility","tag-world"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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