The U.K.'s Chancellor of the Exchequer Rishi Sunak is said to reveal a fast track visa to help attract highly skilled workers for its growing companies. The said fast track visa has a budget set aside for it, and it is said to be released next week.
UK FinTech visa
The chancellor wishes that the new visa scheme will allow firms to get applications for the best candidates for the job, and the candidates can be from anyone around the world. This move will boost the fintech sector, according to the Department of Treasury.
Around 42% of the United Kingdom's 76,500 fintech workers are migrants, according to a report. The route is mostly targeted at financial technology and at cyber firms like Revolut, Monzo, and OakNorth, which contribute billions of pounds to the economy of U.K. every year.
According to the accounting firm EY, the sector has numerous hubs in Leeds, Manchester, London, Cardiff, Edinburgh, Belfast, and other places. They contributed around $15.3 billion or £11 billion in 2019, according to Yahoo News.
The U.K. has a 10% share of the global fintech market. In 2020, the investment into UK fintech was around $41.1 billion or £2.9 billion. This was more than the next four European countries combined, according to the Treasury.
Under the new migration system, the highly-skilled migrants, with a job offer from a recognized U.K. company, an innovative high-growth fintech, and cyber companies, will qualify for a fast track visa without the need for any third-party endorsement or sponsorship.
The chancellor stated that this new fast-track scale upstream will make it easier and faster for fintech firms to recruit job creators innovators who will help the companies grow.
Scale-up companies have a yearly growth of 20% over the past three years, with at least 10 workers at the start. The government will set out more details in July, with the goal to launch the new visa scheme in March 2022.
The move comes right after the Department of Treasury announced a slew of plans ahead of the chancellor's second Budget on Mar. 3 to help get the U.K. back on track after the Brexit deal was signed and the coronavirus pandemic.
Chancellor Sunak stated that now that they have left the EU and taken back control of their borders, they want to make sure that their immigration system helps businesses attract the best talent worldwide.
On Feb. 26, it announced a £126 million or $175 million investment to bolster traineeships and make around 40,000 new posts to help people back into the jobs market, according to NewsNow.UK.
The Department of Treasury also unveiled a mortgage scheme to help first-time buyers with low deposits purchase a home. Under the plans, buyers will pay just 5% deposits to purchase homes worth up to £600,000 or $835,000 and offer lenders the guarantee to give mortgages covering the remaining 95%.
Also, it has been revealed that there are plans to develop a task force to crack down on fraudsters that are exploiting the U.K. government COVID-19 support schemes. Chancellor Sunak will unveil at the Budget on Mar. 3 a £100 million or $140 million investment to launch the task force.
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Written by Sieeka Khan