Chancellor speech at Global Innovate Summit 2025

The Chancellor delivered the keynote speech at the Global Innovate Summit 2025 on 29 April.

"Thank you Janine, and good afternoon everyone.

It's a pleasure to be here today to mark the 11th year of UK FinTech Week …

… brought together once again by Innovate Finance…

…who continue to champion tirelessly our FinTech sector.

As Chancellor, I've always said it's my job to back the builders…

… back the wealth creators…

…and the job creators.

So my job is to back all of you in this room.

After all, it's thanks to your work that the UK is a world leader in FinTech.

When I was working at the Bank of England 20 years ago…

…FinTech was in its infancy…

…an offshoot of financial services…

…and there was certainly no such thing as FinTech week.

But times have changed, the industry has changed.

Last year, the UK's FinTech sector attracted $3.6 billion of investment – more than any other country bar the US.

Almost half of Europe's FinTech unicorns are based here in Britain…

…and roughly a third of all UK unicorns are FinTechs – a higher share than anywhere else.

Companies like Allica Bank and Zilch, who were both recently named among the fastest growing companies in Europe by the Financial Times …

…Or Zopa, for whom 2024 marked another year of extraordinary economic growth.

Last week when I was in Washington for the IMF Spring Meetings…

… I spoke to industry, legislators, and policymakers…

…as well as US firms already operating here in the UK.

I set out our strengths as an open trading nation with trade links around the world…

…and as a nation that can provide political and financial stability and certainty to businesses…

…in an uncertain world.

The UK has a long history of breaking new ground in Financial Services.

We were the first country to develop uniform Open Banking standards…

…and we were one of the first countries to establish a system for near-instant digital payments with the Faster payments system in 2008.

In my Mansion House speech last year, I published the National Payments Vision…

… setting out the government's ambition for seamless account-to-account payments…

…and demonstrating our commitment to a regulatory environment that cares about managing the burden we put on businesses.

Something that we will build in with the consolidation of the Payment Systems Regulator into the FCA.

The UK is Europe's leading hub for investment…

…raising more equity capital than the next three European exchanges combined last year.

I am committed to building on these strong foundations…

…with an ambitious programme of reforms.

Last September I chose to extend the UK's generous venture capital schemes…

… the Enterprise Investment Scheme and the Venture Capital Trust scheme…

…which - alongside the Seed Enterprise Investment Scheme - offer generous tax reliefs…

…in return for investing in British business.

And we will soon publish the final Pension Investment Review, ahead of the introduction of the Pension Schemes Bill…

…where we will legislate to unlock up to £80 billion of investment into companies like yours…

start-up, scale-up, and fast growing businesses.

…delivering a major consolidation of the Defined Contribution market and the Local Government Pension Scheme…

…so that pension funds have sufficient scale to invest in growing industries like FinTech.

I am determined to make sure that the UK remains one of the best places in the world for FinTechs to start-up, scale-up and to list…

…benefitting from our stable and liquid markets.

Last July, the FCA implemented a fundamental rewrite of the UK's Listing Rules, the biggest reforms in a generation.

These new rules now put the UK in line - or in many cases ahead - of other global markets in giving companies the flexibility to pursue their growth ambitions…

…backing their aspiration…

…and allowing them to raise large amounts of capital more easily.

And for those companies who want to remain private for longer, we are developing the new Private Intermittent Securities and Capital Exchange System – or PISCES…

…which we will legislate for next month.

This is a brand new type of stock exchange for trading private company shares…

…supporting private companies to scale and grow…

…and providing a steppingstone to IPO.

Finally, we've reformed the rules to allow greater investment research to be produced on UK listed companies…

…and reducing the burdens imposed on public companies through the UK's Corporate Governance Code.

I want the UK to be a place where you can take risks…

…innovate and experiment…

…and find new ways to deliver for your customers.

When I met with senior leaders from across the FinTech sector last month…

…you told me about the importance of getting the balance of regulation right…

…especially on digital assets.

I agree.

While the UK will always be committed to high international standards…

…I am determined that our regulatory framework supports economic growth.

That's why I'm delighted that we are today publishing draft legislation for the UK's comprehensive regulatory regime for cryptoassets…

…engaging with all of you to ensure that the final legislation – planned for later this year - delivers for government and most importantly for the industry…

…and makes the UK a great place for digital asset companies to invest and innovate.

For the UK to be a world-leader in digital assets…

…international cooperation is vital.

Which is why I discussed continued U.S. and UK engagement with Secretary Bessent last week…

…including further dialogue at the upcoming UK-U.S. Financial Regulatory Working Group in June…

…to support the use and responsible growth of digital assets…

…maintaining the deep historic relationship between the world's two largest financial centres through this period of significant technological change.

Regulation must support business, not hold it back.

Our regulators were among the first to embrace and develop sandboxes…

…including the Digital Securities Sandbox, where I'm delighted that we already have a broad range of firms all looking at different proposals for tokenising our financial markets.

Last November, I announced that this government will issue a Digital Gilt Instrument…

…an entirely new debt instrument…

…using distributed ledger technology…

this will enable us to experience first-hand the benefits of digital technologies in debt issuance.

And I know that there is appetite to go further.

Last week, Secretary Bessent and I also discussed how our officials could explore opportunities to support industry to innovate cross-border…

…in line with proposals put forward by US Securities and Exchange Commissioner Hester Peirce about a transatlantic sandbox for digital securities…

…potentially allowing greater digital collaboration between capital markets in New York and London.

I've talked about what we've already done, and some ideas for the future.

Financial services is one of the key growth-driving sectors in the UK's modern industrial strategy…

….with FinTech as a priority growth opportunity…

…and I look forward to publishing the Financial Services Growth and Competitiveness Strategy at my upcoming Mansion House address…

…which I can today confirm will take place on the 15th July.

At Mansion House last year I set out my vision on economic growth…

…and the new approach required to build sustainable growth…

…on a platform of stability.

At Mansion House this year I'll talk about how we can go further and faster in realising that growth.

By publishing the Financial Services Growth and Competitiveness Strategy…

…I will set out our strategy for the rest of this parliament and beyond…

…building on our strengths in areas including capital markets, insurance and asset management…

… supporting firms to innovate by ensuring they can access and develop the talent they need…

 …and promoting the UK as a great place to do business globally.

Backing the builders in FinTech means improving outcomes for businesses and consumers…

…revolutionising how we invest and trade…

And driving growth and prosperity, here in the UK.

It's incredible how far Fintech has come in the past decade…

And I'm enormously optimistic about the future.

From the huge growth of the sector that has already taken place…

…to the passion, drive and commitment I see from all of you to make FinTech a huge UK success story…

…it is clear that our job in government is to back you, back the builders, back the change makers all the way.

And I am ready to do just that.

Thank you very much."