Keir Starmer’s Labor Party won a majority in the UK General Election yesterday.
The vote led to a historic victory for Conservative Prime Minister Rishi Sunak, marking the worst defeat the Tories have seen since Tony Blair was elected.
The final results of the vote showed Labor winning a majority of 412 seats to 211, with the Conservatives losing a massive 250 seats, leaving them with 120 seats. The Liberal Democrats also gained votes and now have 71 seats.
The other parties that gained seats in this election are the Green Party, Reform UK and Plaid Cymru, with four seats each. The Scottish National Party lost 38 seats leaving them with 9 seats, Sinn Fein retained 7 seats and the Democratic Unionist Party 5 seats.
What do the results mean for fintech?
The Labor majority continues to support fintech regulation and growth, promising to speed up the approval process. However, it remains to be seen whether they will accelerate the adoption of digital assets, artificial intelligence and smart data regulation.
In addition, the flow of inflation has contributed to an unstable economy and rising prices, and the British public is waiting for a new government plan.
noted that Labor supports start-ups, open banking and open finance, and works with industry to support economic growth, but has not pledged to fund RandD, as the Conservatives and Liberals have. Labor plans to introduce a strategy to tackle fraud and cybercriminals and has promised to create a national database for artificial intelligence research, open 350 joint banking centers and expand Britain’s commercial bank.
On sustainability, Labor outlined a plan to dismantle Britain’s electricity grid by 2030, stop river pollution and make Britain the “green financial capital of the world”, ensuring all financial organizations adhere to transition plans. Under the Paris Agreement, Labor also pledged to create a sovereign wealth fund to finance green initiatives and work towards net zero targets.
