Debates between John Glen and Adam Afriyie during the 2017-2019 Parliament

Oral Answers to Questions

Debate between John Glen and Adam Afriyie
Tuesday 9th April 2019

(5 years, 8 months ago)

Commons Chamber
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John Glen Portrait John Glen
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I am delighted to give the hon. Lady that assurance. A ministerial meeting will be convened as quickly as possible.

Adam Afriyie Portrait Adam Afriyie (Windsor) (Con)
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15. What assessment he has made of the potential economic effect of the introduction of FinTech in the UK.

John Glen Portrait The Economic Secretary to the Treasury (John Glen)
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FinTech revolutionises financial services, promoting innovation, stimulating competition and incentivising firms to deliver better outcomes for customers. FinTech firms directly contribute £6.6 billion annually to the UK economy, employing over 60,000 people across 1,600 companies.

Adam Afriyie Portrait Adam Afriyie
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I thank the Minister for that answer, and I thank the Government for keeping us in the No. 1 slot for FinTech. I very much welcome the call for evidence on digital payments, but there is a danger that if the wrong type of payments are taken, particularly around the interchange fees, we could undermine the sector. I therefore urge the Minister to remain open-minded to charging a maximum fee per transaction, as opposed to a proportionate fee.