London, 21 February
Treasury Chancellor Rishi Sunak is planning to present the details of the new fast-track “Technical Visas” in his Budget statement next month as part of efforts to boost the UK financial technology industry, according to a UK media report.
The former cabinet minister has drawn up details on the scheme to attract global talent to UK start-ups and its P 7bn fintech sector, proposals which are said to have the backing of his boss – UK Prime Minister Boris Johnson.
The Daily Telegraph quoted Whitehall sources with knowledge of the plans as saying the new visas were likely to be approved by Tech Nation, Britain’s national network representing tech entrepreneurs.
“Final details are still being drafted, but insiders expect it to be similar to the Global Talent Visa announced last year to attract the world’s leading scientists to Britain,” the paper claims.
The Global Talent Visa is part of Britain’s new post-Brexit visa and immigration system, referred to as the level of field for migrants from the European Union (EU) and beyond, including countries such as India.
While EU and non-EU nationals wishing to live and work in the UK after Britain’s exit from the economic bloc must meet a specific similar set of requirements and points in the new system, the Global Talent Visa does not contain number limits for people who are suitably qualified.
Sunak reportedly wants to maintain the UK’s status as a global hub for fintech and overcome any challenges as a result of Brexit because such firms are often heavily dependent on European talent.
With the March Budget to be dominated by the COVID-19 pandemic, the paper notes that Sunak is also expected to reinstate many of the support schemes due to expiration at the end of March as the blocking restrictions are gradually lifted.
Senior business executives expect him to announce a six-month extension of his work or retention scheme, before phasing it out later in the year. Treasury insiders also report that they have signaled that any major tax increase is likely to be delayed until the end of the year. — PTI
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