Huge investment from the financial technology (Fintech) sector continues to flow into Brexit Britain and London in particular, once again defying Project Fear doom-mongers who said we’d be in a recession by now after voting to leave the EU. Wrong again.
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A new report by Robert Walters has found that there was a phenomenal 61% increase in Fintech job creation in London throughout 2018 and a 37% increase in IT roles in fintech throughout the year.
Broken down, 39% of all venture capital funding into fintech across the EU went into London in 2018. By comparison, Berlin was way behind with 21% and Paris on 18%. Cambridge also featured in the top ten cities, with a further 2%.
In London, the sector saw 61% more job vacancies in 2018 compared to 2017, with an 18% increase in regions outside of London.
Ahsan Iqbal, Director of Technology at Robert Walters, said: “London has what is probably the best pool of talent in the world in terms of tech and will continue to thrive and lead in this area. However, we are seeing a rebalancing in terms of regional tech hubs such as Manchester, Birmingham and Leeds.”
The report also highlights how Brexit has boosted wages: “The capital has historically been able to attract skilled IT professionals from across the EU, yet with the current political climate, perhaps unsurprisingly, this is proving to become more of a challenge.
As a result, there has been a significant surge in salaries for IT professionals, where businesses are struggling to find the talent they need. It is already estimated that salaries have increased by between 6-8% in certain key specialisms, where just as noticeably, the issue of replacing people is becoming so challenging, that buy backs and counter offers are becoming more prevalent.”
The report also looks to the future and concludes: “All the data points towards London continuing on its fast track trajectory to becoming a global hub for fintech, showing signs of potential to threaten San Francisco’s historic dominance of the market.
“Of the 29 fintech unicorns (start-ups valued at over $1 billion) worldwide, 9 are in San Francisco, while 7 are housed in the UK.”
The UK must now leave the European Union, get on with being an independent country that is globally focused and ready to lead the way in fintech and so much more.
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