As the Government publishes its new modern industrial strategy, we welcome its recognition of both insurance and the digital/technology sectors as key future drivers of UK growth.
It’s been a busy week of policy announcements from the UK’s new modern industrial strategy.
The Government has been working on sector-specific policies to address barriers to investment in eight key sectors as part of plans to drive long-term sustainable and resilient economic growth across the UK as a whole.
More detail on its plans can be found in the sector-specific publications below:
- Digital and Technologies Sector Plan
- Professional and Business Services Sector Plan including Innovate UK funding programme for financial services and insurance
- Financial Services Plan (to follow on 15 July)
Melissa Collett, Insurtech UK CEO, said: "Insurtech UK welcomes Government recognition of both insurance and the digital/technology sectors as key future drivers of UK growth.
"This echoes what we see every day as our member firms grow their business, staff and exports whilst tackling new commercial and societal challenges.
"Measures to further support insurtech ambitions include additional funds via the British Business Bank, strong support for innovation through R&D funding, an emphasis on strong AI capabilities, and clear time-bound targets for processing new firm authorisations.
"We continue to liaise with HM Treasury and look forward to further details for the financial services sector in the Chancellor’s Mansion House speech in July."