On Friday, Chancellor George Osborne announced the appointment of Eilen Burbidge as the UK's Treasury "special envoy" to fintech. Her appointment is part of a raft of plans to try and improve the UK's productivity and ensure the nation stays ahead of the innovation curve.
The Chancellor wants to encourage high-tech and high-value industries like fintech to try and address this problem. The Treasury is also creating a fintech benchmark to measure how the UK is doing compared to other nations. Burbidge says: "They [the Treasury] think the financial services sector is a really big part of improving the nations productivity and that’s not such a leap if you look at history. We’ve already had such a big benefit coming from the financial services industry and it makes sense not just to recognise, but to also reinforce that.