UK is open to abroad expertise in contrast to US, Reeves says | EUROtoday

The UK will make it simpler to draw world expertise at a time when the US is making it more durable, the chancellor has mentioned, 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 workers from US tech companies rushed again to the USA.

“While President Trump announced late last week that it will make it harder to bring talent to the US, we want to make it easier to bring talent to the UK,” Rachel Reeves mentioned on Tuesday.

The BBC understands the federal government plans to double the variety of excessive expert overseas employee visas from 6,500 a yr to 13,000.

Reeves feedback come after the UK trumpeted a £150bn tech cope with 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 mentioned it might 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 limitations to quick rising worldwide corporations.

Last 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 high expertise from abroad.

Many US tech staff, initially from different nations, who have been outdoors of the US on the time of the announcement then scrambled to fly again – spending 1000’s of {dollars} in some circumstances.

By Saturday, the White House sought to calm the storm, clarifying that the price utilized solely to new candidates and was a one-off. Yet, the long-standing H-1B programme – criticised for undercutting American staff however praised by tech companies – 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.

During her speech at Revolut’s workplaces on Tuesday, Reeves was eager to emphasize the UK’s various method.

“London isn’t just the capital of the United Kingdom, it is one of the two financial capitals in the world, and we want to differentiate ourselves from other countries around the world by being open to the best talent globally,” she mentioned.

“So, while President Trump announced late last week that it will make it harder to bring talent to the US, we want to make it easier to bring talent to the UK.

“We are 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 companies ambitions to convey expertise right here.”

Revolut was Founded by Russian born entrepreneur Nik Storonsky in 2015 and has amassed 65 million customers in 40 countries. It currently commands a valuation estimated at $75bn (£55bn), more than rival bank Barclays or social media site X (formerly Twitter).

What Revolut does not have is a full UK banking licence, despite having applied for one in 2021. Its current provisional licence prevents it from offering mortgages or taking deposits more than £50,000.

The firm has been heavily criticised in the past for its issues with fraud.

A BBC investigation has previously found that Revolut was named in more reports of fraud in the 2023/24 financial year than any of the major High Street banks.

The firm said, at the time, it took fraud incredibly seriously and it had “strong controls” to meet its legal and regulatory obligations.

Revolut Chair Sir Martin Gilbert told the BBC UK regulators had been slow, but he said he was hopeful a full licence was not far away.

“They are cautious – they’ve by no means seen development prefer it – this can be a financial institution including two million prospects a month. But it is going to be quickly I hope.”

Earlier this year, Rachel Reeves summoned several major regulators including financial watchdogs to number 11 to urge them to prioritise growth.

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 checklist its shares on the London inventory market.