The UK government is taking steps to attract global talent amid recent changes in U.S. immigration policy. Chancellor Rachel Reeves highlighted the contrast between the UK’s approach and the U.S. decision to significantly increase the cost of skilled-worker permits. This policy change, announced by President Donald Trump, raises the permit fee to $100,000, leading to confusion among tech workers who rushed to return to the United States.
Reeves announced on Tuesday that the UK plans to double the number of high-skilled foreign worker visas, increasing the annual quota from 6,500 to 13,000. This announcement was made during the inauguration of Revolut’s new global headquarters in Canary Wharf, where the fintech firm pledged an investment of £3 billion and the creation of 1,000 jobs in the UK.
The government’s intention to attract talent comes in response to the ongoing changes in the U.S. H-1B visa program, which has faced criticism yet is favored by many tech companies. There was notable disruption in Silicon Valley following Trump’s announcement, as many foreign workers currently outside the U.S. sought to return. The White House later clarified that the increased fee would apply only to new applicants and would be a one-time charge.
Reeves emphasized the UK’s commitment to being open to global talent, aspiring to position London as one of the leading financial capitals in the world. She mentioned plans to expand visa options to support firms in their pursuit of skilled workers.
Revolut, founded by Nik Storonsky in 2015, serves 65 million customers across 40 countries and holds an estimated valuation of $75 billion. However, the company does not yet possess a full UK banking license and has faced scrutiny related to fraud. Despite this, its leadership is optimistic about obtaining full regulatory approval in the near future.
Source: https://www.bbc.com/news/articles/c5yjlw4n5d5o?at_medium=RSS&at_campaign=rss