After 14 years in opposition, Keir Starmer's Labour party is predicted to retake power with a double-digit advantage in the polls.

Blair, the former prime minister of the party, has endorsed a study co-authored by the Startup Coalition under the name of his institution, which outlines a plan for leveraging one of the nation's most prosperous industries to advance a "progressive agenda for a mission-driven government".

According to the analysis, if given the proper conditions to thrive, fintechs can stimulate economic growth. It involves "optimising incentives like R&D tax credits and share option schemes, building fintech export opportunities, and providing regulatory certainty" .

The research also advocates for a national financial inclusion policy that prioritizes innovation by, for instance, allowing pension funds to be invested in startups and giving small companies more options when it comes to how they take payments.

A blueprint for open finance has already been pledged by Labour, and last week the administration established its own task team. Within 100 days after taking office, an Open Finance framework is required, according to the Blair report.

Furthermore, regulations regarding Buy Now Pay Later loans ought to be implemented in a hundred days, and by 2025, financial education ought to be required in elementary schools.

According to Jeegar Kakkad, head of government innovation at the Tony Blair Institute for Global Change, "Fintech companies are essential to removing obstacles that impede access to financial opportunities in the UK.

We can boost choice and competition in the financial services industry by creating a national financial inclusion plan that centers on fintech and implementing innovations such as Open Finance. This would enable people and communities to take financial well-being into their own hands like never before."