Andrew Griffith calls for raising the aspirations of the United Kingdom to deliver a more innovative economy #
Last week, Griffith was in the States, warming up an interest in the UK’s tech scene.
Andrew Griffith, an Economic Secretary to the Treasury and former senior media executive, stated that it is time to raise the “aspirations” of the United Kingdom in order to foster economic growth.
All of this comes despite recent criticism from top fintechs of the UK’s regulators for slowing the progress of open banking. Several companies, including Wise, Monzo, Crezco, and Codat, are claiming that “the integrity and potential of open banking are at risk”. Meanwhile, senior JROC officials answer the criticism, claiming that they will soon put “open banking on a sustainable footing”.
Soon after, Andrew Griffith states in his article for CITYA.M. that the “stunning success of fintech” can help provide other service industries with a roadmap for future development. He claims that technological change is “one of the pillars of the UK’s financial services strategy” and that the main aim of the government is to bring out the untapped potential of technological advancement.
Griffith announces reforms in digital technology, life sciences, green industries, and advanced manufacturing in his statement.He asserts that his goal is to “build on” the rapid technological advancement, ensuring that the hidden benefits of open banking technology are felt by as many people and businesses as possible.