Recommendation 95

We received evidence on the importance of innovation as a facet of international competitiveness and a driver of growth in the financial services sector. In particular, innovation is central to the UK’s world-leading fintech sector. Janine Hirt, Chief Executive Officer of Innovate Finance, told us that: “We consistently receive more investment every year in FinTech than any other country in the world bar the United States, and repeatedly receive on an annual basis more investment than nearly all of Europe combined.” 155 However, Janine Hirt added that: “we are at a pivotal moment” where “there is a real risk” of “other regions around the world catching up and a threat of them overtaking us as well in specific arenas”. 156