Britain’s Investment Minister Jason Stockwood has said the UK must attract overseas talent to support the Labour government’s economic growth plans, especially after the US sharply raised visa fees for foreign workers.
“We’ve got to make sure, particularly in things like the tech community where global talent is an absolute priority, that we continue to make the UK attractive,” Stockwood told Bloomberg News in an interview. He said a task force was examining new measures to draw skilled professionals.
Also Read| Germany rolls out the welcome mat as US shuts door on Indian talent
The statement comes after the Trump administration in the US raised H-1B visa application fees to $100,000, creating uncertainty for companies dependent on global talent. Investor Cathie Wood has suggested that other countries could use this moment to bring in skilled workers.
Stockwood added that the government is preparing a “concierge” plan that will give investors direct access to the Treasury and the prime minister’s office. The initiative, expected in the coming months, aims to simplify entry for investors. Plans are also under way for a special visa program for significant foreign investors.
Speaking at the launch of a new £800 million development by Mitsubishi Estates and builder CO-RE in London, Stockwood described the investment as “a massive shot in the arm and an endorsement that the UK is one of the best places to invest and build.” He also pledged to cut planning delays, saying, “There is a firm commitment on cutting bureaucracy and planning that you will see in the course of this government.”
Also Read| Canada hopes Trump’s $100,000 visa fee redirects talent north
While Labour has announced steps to speed up housing projects, private housebuilding starts in London reached only 4.9% of the government’s target in the first half of the year, according to Molior data.
Rekindling economic growth is at the centre of Labour’s agenda as the government faces pressure to stabilise public finances. The UK economy, which expanded over 1% in the first half of the year, stalled in July. Chancellor of the Exchequer Rachel Reeves is preparing for the Nov. 26 budget, with expectations of more tax increases to meet fiscal needs and fund commitments to improve living standards.
“We’ve got to make sure, particularly in things like the tech community where global talent is an absolute priority, that we continue to make the UK attractive,” Stockwood told Bloomberg News in an interview. He said a task force was examining new measures to draw skilled professionals.
Also Read| Germany rolls out the welcome mat as US shuts door on Indian talent
The statement comes after the Trump administration in the US raised H-1B visa application fees to $100,000, creating uncertainty for companies dependent on global talent. Investor Cathie Wood has suggested that other countries could use this moment to bring in skilled workers.
Stockwood added that the government is preparing a “concierge” plan that will give investors direct access to the Treasury and the prime minister’s office. The initiative, expected in the coming months, aims to simplify entry for investors. Plans are also under way for a special visa program for significant foreign investors.
Speaking at the launch of a new £800 million development by Mitsubishi Estates and builder CO-RE in London, Stockwood described the investment as “a massive shot in the arm and an endorsement that the UK is one of the best places to invest and build.” He also pledged to cut planning delays, saying, “There is a firm commitment on cutting bureaucracy and planning that you will see in the course of this government.”
Also Read| Canada hopes Trump’s $100,000 visa fee redirects talent north
While Labour has announced steps to speed up housing projects, private housebuilding starts in London reached only 4.9% of the government’s target in the first half of the year, according to Molior data.
Rekindling economic growth is at the centre of Labour’s agenda as the government faces pressure to stabilise public finances. The UK economy, which expanded over 1% in the first half of the year, stalled in July. Chancellor of the Exchequer Rachel Reeves is preparing for the Nov. 26 budget, with expectations of more tax increases to meet fiscal needs and fund commitments to improve living standards.
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