Newspaper article The Journal (Newcastle, England)

Vote to Stay in EU and Protect Jobs - Minister; FINANCE

Newspaper article The Journal (Newcastle, England)

Vote to Stay in EU and Protect Jobs - Minister; FINANCE

Article excerpt


TREASURY Minister Harriett Baldwin MP visited two of Newcastle's best-known financial services firms as she cautioned that leaving the EU could damage the North East's position as a hub for the sector.

The City Minister was given a tour of the Newburn-based FinTech company True Potential before moving on to Virgin Money in Gosforth.

The financial sector adds around PS2bn to the North East economy every year, supporting roughly 53,000 jobs in the region - 26,000 within financial services and 27,000 in associated industries.

At True Potential, staff numbers have increased 26% since January to more than 230. Turnover, meanwhile, rose from PS44m in 2014 to PS56.7m the following year.

The company has also appeared in the Deloitte Technology Fast 500 EMEA for three years running and the UK Technology Fast 50 for the past two years.

During her time there, Mrs Baldwin witnessed a demonstration of its impulseSave technology and its planning dashboard True Potential One, which gives savers a full overview of their investments.

She also discussed the Lifetime ISA (Lisa), which from next April will mean savers will be able to receive a 25% Government bonus for saving up to PS4,000 annually.

She said: "I'm very grateful to get the chance to see a growing financial services business and it's fantastic to see so many graduates from North East universities creating financial services careers at this fast-growing company.

"Two thirds of jobs in financial services are outside the M25 area. The sector benefits the whole of the UK and the UK is acknowledged as a world leader."

True Potential managing partner, David Harrison, said: "FinTech is thriving in the UK with the Government's support and we were pleased to show the Economic Secretary our impulseSave and True Potential One technology that is helping to simplify saving and investing.

"The Lifetime ISA is an excellent example of a simple and effective way to save and our research shows that it is certain to be popular when it is available next year. …

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