A British Member of the European Parliament has called on the City of London and the Bank of England to embrace blockchain technology as a means of staying relevant in the post-Brexit era. "The UK post-Brexit: how does the City of London stay relevant? The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging." The MEP added that she felt that a post-Brexit Britain was better positioned than the EU to benefit from blockchain technology, but only if it is prepared to take risks. Most recently, the government's technology development arm, Innovate UK, announced in January that it plans to invest £19 million in projects contributing to "The fields of emerging and enabling technologies" including distributed ledger technologies.