Breakingviews - Capital Calls: A digital post-Brexit finance plan

  • 2/26/2021
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DIGITAL BIG BANG. At last, a post-Brexit strategy for financial services, only this one may be undone by the remote-working revolution. At the request of finance minister Rishi Sunak, payments guru and former Worldpay boss Ron Kalifa has gathered recommendations to strengthen Britain’s credentials as a financial technology hub. Companies like TransferWise and Revolut already account for a tenth of global fintech revenue, compared with Britain’s 2% share of world GDP. A 1 billion pound Fintech Growth Fund should help close a funding gap for startups in their third or fourth investment rounds. Fast-track visas for coders with job offers will attract foreign talent, which accounts for 42% of Britain’s fintech employment. The big question is whether traditional geographic hubs will retain their pull after the Covid-19 work-from-home revolution. Why should Revolut bother with UK visas if it can hire Polish programmers to work from Warsaw? (By Liam Proud)

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