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In a move to attract global talent as the US tightens its visa policies, the UK is set to make it easier for skilled workers to come to the country. Chancellor Rachel Reeves highlighted the UK’s commitment to welcoming talent, in response to President Trump’s recent announcement of a significant increase in skilled-worker permit costs in the US. Reeves stated that while the US is making it harder for talent to enter the country, the UK aims to create a more welcoming environment for skilled foreign workers.
The UK government plans to double the number of high skilled foreign worker visas to approximately 18,000 per year. Reeves made these comments following a £150 billion tech deal with the US during Trump’s recent state visit, emphasizing the importance of attracting foreign investments and talent to the UK. She spoke at the launch of fintech giant Revolut’s new global headquarters in Canary Wharf, where the company announced a £3 billion investment in the UK and the creation of 1,000 new jobs.
Revolut, founded by Russian entrepreneur Nik Storonsky in 2015, has seen significant growth, amassing 65 million customers across 40 countries and achieving a valuation of $75 billion. Despite its success, Revolut currently operates with a provisional banking license in the UK, limiting its capabilities in offering services like mortgages and higher deposits. The company has faced criticism for issues with fraud, as it was mentioned in a high number of fraud reports in the 2023/24 financial year compared to major high street banks.
UK regulators have been cautious in granting Revolut a full banking license due to the company’s rapid growth, but there is hope that it will be obtained soon. Reeves has taken steps to prioritize growth in the financial sector, urging regulators to support companies like Revolut in their expansion efforts. As Revolut’s largest market with 11 million customers, the UK remains a key location for the company despite uncertainties around its potential listing on the London stock market
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