UK Fintech sector looking more positive
Following our report yesterday that the UK ranks No. 3 in the World for value of Hi-tech business, City am now reports that the chief executive of fintech sector trade body Innovate Finance, says London’s fintech sector is showing “shoots of positivity.” She comments that fintech firms are “proving their value”. This despite it being…
UK tech industry hits record level
Data from HSBC Innovation Banking shows that the total value of the UK’s tech sector has climbed to its highest ever level this year, hitting £996.8bn. This is up from £988bn last year. This means the UK’s tech sector is the third most valuable in the world, behind only the US and China. The report…
UK manufacturing output climbs the rankings
According to trade body ‘Make UK’ the UK’s manufacturing output has surpassed France, making it the eighth largest manufacturing power in the world., the UK’s manufacturing output was worth £218bn in 2021, compared to France’s £210bn. Recent figures suggest that the UK’s manufacturing output continued to grow to £224n in 2022. Business and Trade Secretary…
Reports of increasing reluctance by high street banks to lend to SMEs.
It has been apparent for some time that SMEs are facing difficulties in accessing funding from high street banks. A recent survey by fintech lender iwoca supports this. It revealed that 84% of their finance brokers reported that high street banks were increasingly reluctant to lend to SMEs. This poses a significant problem as 81%…
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