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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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.