Banks: Digital Technology

Treasury written question – answered on 4th June 2019.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask Her Majesty's Government what steps, if any, they are taking to invest in digital technology hubs in the UK banking sector.

Photo of Lord Young of Cookham Lord Young of Cookham Lord in Waiting (HM Household) (Whip), Lords Spokesperson (Cabinet Office)

The government is committed to ensuring the UK is one of the best places in the world to start and grow a digital business. That is why we are unlocking £20bn of finance for innovative firms over the next 10 years, and why we announced £21m to establish Tech Nation and its network of 10 regional hubs, supporting further innovation in financial services.

We also recognise the important role that digital technology hubs, such as Level 39 in Canary Wharf, have played in promoting the adoption of technology in the UK banking sector, and we are engaging with industry to explore how we can further support digital technology hubs in the UK.

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