UK Edition
Rishi Sunak is set to unveil a new fast-track technology visa scheme for British start-ups, one of the key recommendations in a review of the country’s financial sector he commissioned.
The chancellor will reportedly back the visa scheme, which will see highly skilled migrants who already have a job offer from a technology business set on a “fast track” to obtaining a visa.
Mr Sunak called the proposal “an excellent idea” in a pre-Budget interview with the Financial Times in which he spoke of his desire to help growing technology businesses.
“We want to be innovative, entrepreneurial, agile,” he said. “We can do things differently after Brexit. We want to be open to the world, we want to be world class at things.”
Technology founders frequently express concern at their access to talent, fearing that any restrictions on migration to the UK could slow down their progress.
Migrants working for technology businesses in the UK currently have access to a visa scheme run by the Government-backed Tech Nation organisation that assesses candidates on their ability to be “leaders or potential leaders” in the world of technology.
Creating a new visa scheme was a central recommendation in the review of financial technology in the UK written by former Worldpay boss Ron Kalifa and published on Friday.
The Government should also introduce controversial dual share structure rules for listings which will give tech founders more power, the review found.
It called for the creation of a £1bn fund designed to back financial technology businesses that may otherwise be forced to look to the US for funding. New regulations are needed to encourage pension funds and insurers to invest into the fund, the review said.
“Others are waiting for our crown to slip,” Mr Kalifa said. “We need to make sure that we maintain our momentum and invest in it so that it remains a significant force for the future.”