The UK’s Bold Move to Attract Global Talent Amidst US Visa Confusion

In a striking move that contrasts the current US visa policies, UK Chancellor Rachel Reeves has asserted that the UK is committed to attracting global talent. This comes in the wake of a significant increase in the cost of skilled-worker permits in the US, announced by President Donald Trump, who raised application fees to a staggering $100,000. This decision has left many tech professionals from US companies hurriedly returning to the States, creating turmoil in the Silicon Valley tech landscape.

At the fintech giant Revolut’s new headquarters inauguration in Canary Wharf, Reeves emphasized that the UK aims to facilitate the entry of skilled workers from around the globe. She announced plans to double the number of high-skilled foreign worker visas to approximately 18,000 annually. Reeves stated, “London isn’t just the capital of the United Kingdom, it is one of the two financial capitals in the world,” underscoring the UK’s aspiration to distinguish itself by being more accessible to top-tier talent.

Revolut, founded by Nik Storonsky in 2015, currently boasts a valuation exceeding $75 billion and serves 65 million customers across 40 countries. Despite having a substantial presence, it still lacks a full UK banking licence, which restricts its operations, particularly in regard to deposits and mortgages. The company, facing scrutiny over allegations of fraud, has previously been noted for reporting fraud cases more frequently than traditional banks in the UK.

Reeves highlighted the need for UK regulators to streamline their processes to support rapid growth in companies like Revolut, which adds two million customers every month. The Chancellor’s comments indicate a proactive strategy to promote the UK’s tech industry at a time when US policies are perceived as more restrictive, making it a compelling destination for international talent.