A shakeup of UK visa fees has been announced by the Chancellor in a bid to attract the most talented foreign workers to Britain.
Rachel Reeves vowed to refund visa costs for some global businesses and speed up the time it takes for a company to qualify as a sponsor of migrant staff.
It is hoped that the tweaks to the Home Office’s visa schemes will encourage “trailblazer” companies to bring their highly skilled employees to the UK.
Researchers and academics from abroad in sectors such as AI, quantum computing and semiconductors will benefit from UK visa fee refunds, the government said.
Ms Reeves told the World Economic Forum in Davos: “In a volatile world Britain stands out. This government is making sure Britain is home to the stability, talent and capital that businesses and investors want and that drive greater growth.
“Some countries give you a platform, but Britain gives you momentum. My message at Davos this week is clear: choose Britain – it’s the best place in the world to invest.”
The Chancellor and Business Secretary Peter Kyle are holding a series of meetings with business leaders at the annual gathering of the global elites in the Swiss mountain resort this week.
It comes amid Donald Trump’s latest tariffs threats if a deal is not reached over Greenland.
The US President has said he will impose a 10 per cent levy on goods from eight NATO allies, including the UK, from February if they oppose his proposed takeover of the Danish-controlled territory, threatening to raise it to 25 per cent by June.
Speaking to the Standard before leaving for Davos on Monday night, Ms Reeves compared Mr Trump’s threat of tariffs to the financial impact the pandemic and Russia’s war in Ukraine had on Britain.
She insisted the UK was “working intensely” with the US and Europe “to try and de-escalate” the situation.
“The sovereignty of nations is very important, but also what happens overseas has real impacts here at home,” Ms Reeves added.
“We saw that in the pandemic, when prices went up because of disruptions to supply chains.
“We saw that when Russia invaded Ukraine, with the energy crisis and some food prices went up.
“And the risk is that if we enter into a trade war, prices here at home [increase], but also export opportunities for British businesses and the people who work for them will be eroded as well.”
