UK is open to overseas talent unlike US, Reeves says

The UK will make it simpler to draw world expertise at a time when the US is making it more durable, the chancellor has stated, in a direct reference to a current overhaul of American visa coverage.On Friday, US President Donald Trump introduced a 50-fold hike in the price of skilled-worker permits to $100,000 (£74,000), inflicting confusion as employees from US tech corporations rushed again to the USA.”Whereas President Trump introduced late final week that it’s going to make it more durable to carry expertise to the US, we need to make it simpler to carry expertise to the UK,” Rachel Reeves stated on Tuesday.The BBC understands the federal government plans to double the variety of excessive expert international employee visas from 6,500 a yr to 13,000.Reeves feedback come after the UK trumpeted a £150bn tech take care of the US throughout Trump’s second state go to.Reeves was talking on the opening of fintech large Revolut’s new world headquarters in Canary Wharf, the place the agency stated it will make investments £3bn within the UK and create 1,000 new jobs.The agency is one thing of a take a look at case for the federal government’s hopes to take away regulatory boundaries to quick rising worldwide firms.Final week, Trump brought about chaos in Silicon Valley by saying an overhaul of the H-1B visa system utilized by the likes of Google, Apple, Microsoft and others to rent prime expertise from abroad.Many US tech employees, initially from different nations, who have been exterior of the US on the time of the announcement then scrambled to fly again – spending hundreds of {dollars} in some circumstances.By Saturday, the White Home sought to calm the storm, clarifying that the charge utilized solely to new candidates and was a one-off. But, the long-standing H-1B programme – criticised for undercutting American employees however praised by tech corporations – nonetheless faces an unsure future.Trump’s spouse Melania Trump, Tesla chief government and former Trump ally Elon Musk, Alphabet chief government Sundar Pichai, and Microsoft chief government Satya Nadella all held H-1B visas at one level.Throughout her speech at Revolut’s workplaces on Tuesday, Reeves was eager to emphasize the UK’s different strategy.”London is not simply the capital of the UK, it is likely one of the two monetary capitals on the planet, and we need to differentiate ourselves from different nations around the globe by being open to the very best expertise globally,” she stated.”So, whereas President Trump introduced late final week that it’s going to make it more durable to carry expertise to the US, we need to make it simpler to carry expertise to the UK. “We’re increasing our world expertise and excessive potential particular person visa routes, and we’re transferring rapidly to make these simpler to entry and extra supportive of corporations ambitions to carry expertise right here.”Revolut was Based by Russian born entrepreneur Nik Storonsky in 2015 and has amassed 65 million prospects in 40 nations. It at the moment instructions a valuation estimated at $75bn (£55bn), greater than rival financial institution Barclays or social media website X (previously Twitter).What Revolut doesn’t have is a full UK banking licence, regardless of having utilized for one in 2021. Its present provisional licence prevents it from providing mortgages or taking deposits greater than £50,000.The agency has been closely criticised previously for its points with fraud.A BBC investigation has beforehand discovered that Revolut was named in additional studies of fraud within the 2023/24 monetary yr than any of the main Excessive Road banks.The agency stated, on the time, it took fraud extremely significantly and it had “strong controls” to satisfy its authorized and regulatory obligations.Revolut Chair Sir Martin Gilbert informed the BBC UK regulators had been sluggish, however he stated he was hopeful a full licence was not far-off.”They’re cautious – they’ve by no means seen progress prefer it – it is a financial institution including two million prospects a month. However it is going to be quickly I hope.”Earlier this yr, Rachel Reeves summoned a number of main regulators together with monetary watchdogs to quantity 11 to induce them to prioritise progress.The UK is Revolut’s largest single market with 11 million prospects however regardless of selecting London as its world HQ, the corporate refuses to be drawn on whether or not it should finally listing its shares on the London inventory market.