Oral Answers to Questions

Debate between Adam Afriyie and John Glen

Tuesday 9th April 2019 Commons Chamber

[John Glen]

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

[Adam Afriyie (Windsor) (Con)]

15. What assessment he has made of the potential economic effect of the introduction of FinTech in the UK.

[The Economic Secretary to the Treasury (John Glen)]

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]

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.