The UK government is in the midst of a significant change following the exit of Keir Starmer and the selection of Andy Burnham as the new Prime Minister. While industry and financial services remain optimistic about the new government, clarity on policy will emerge over the coming week.
The Payments Association, an advocacy group addressing the extensive changes in payments and transfers, including stablecoins, taking place today, has issued a statement on the new Economic Secretary, Lucy Rigby, and her potential impact on the tech sector.
Renuka Rawlins, Director of Policy & Government Affairs at the Payments Association, stated:
“The Payments Association welcomes Lucy Rigby’s appointment as Economic Secretary to the Treasury. Having worked with Lucy during her previous stint in the role, we’re pleased to see her return, and the brief now carrying Minister of State rank is an encouraging signal from the new Government. Back in January this year, she helped the Association to launch its latest Manifesto focused on creating a next-generation payments infrastructure.”
“The UK’s lead in payments is certainly real but not a permanent one, and needs a long-term focus – this is the fourth change of City Minister in two years. We’d welcome an early conversation with the Minister on the priorities underpinning our 2027 Payments Manifesto: modernising payments infrastructure, strengthening trust and security and keeping the UK competitive on payments innovation. The industry will bring the evidence and the delivery capacity. What it needs from Government is continuity.”
Supporting innovation in financial services, and industry in general, is vital for economic growth and job creation. Some observers worry about a turn further left with the Burnham government. Others expect a “pragmatic” approach.
Time will tell.