CBI president: UK needs to tap into fintech’s ‘flotilla of benefits’

The UK needs to tap into “a flotilla of benefits” on offer from the country’s world-beating fintech sector, the president of Britain’s top business group will urge today at a gathering of the City’s biggest and brightest minds.

Lord Bilimoria, president of the Confederation of British Industry (CBI) and a cross-party peer, will stress to finance leaders today to strengthen ties with the business community to step use of fintech across the UK economy.

“Businesses need all the support they can get at present,” he will say at this year’s City Week conference, adding “slow growth post-pandemic and supply chain struggles have been exacerbated by the terrible conflict in Ukraine.”

“What firms need are fair winds and following seas, with fintech featuring a flotilla of benefits, making global trade smoother, payments easier and sustainability better.”

The CBI estimates the fintech sector could yield an additional £32bn for the UK economy by 2030.

Incorporating new financial technology into businesses’ operations could unlock productivity gains to boost the country’s output.

Productivity growth in Britain has flatlined since the financial crisis, holding back prosperity and widening inequality.The government set out a blueprint to propel the UK’s fintech last year, penned by the City grandee Ron Kalifa.