Responding to the measures announced to support SMEs in today’s Budget, Tim Howarth, Head of Financial Services Consulting, KPMG UK says:
“Financial technology firms make up a crucial segment of the UK’s SME scene, in the first half of 2018 they attracted more investment than any other country in the world. The measures to support SMEs, announced by the Chancellor today, are a positive step towards futureproofing the UK’s financial services sector.
“The extra £200m for the British Business Bank and halving the apprenticeship levy for SMEs will play an important role in helping our entrepreneurs reach scale and remain robust. Brexit could cause significant disruption to the supply chain, talent pipeline and credit options for start-ups so the Chancellor’s support will be especially welcomed at this time.
“When you combine these new measures with the RBS alternative remedies package and supportive regulations like open banking, the UK looks a pretty attractive place to be for fintechs and finance customers alike.”
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