Insight
Today the Chancellor announced his Budget and Spending Review for October 2021. Hidden amongst the various new announcements of Government spending and tax cuts, the Chancellor also made announcements in relation to new visa routes aimed at ‘attracting highly skilled people’ and supporting inward investment. This was in conjunction with the launch of a Global Talent Network to find and bring to the UK individuals to work in the science and technology sectors.
This included a new ‘Scale-up Visa’, which the Government has said will launch in spring 2022. Whilst full details have yet to be announced the publication accompanying today’s budget set out that the visa will be open to applicants who pass a language proficiency requirement and have a high-skilled job offer from an eligible business with a salary of at least £33,000. Its unclear what will be an eligible business but the report did specifically cite fintech businesses as those who currently employ a high number of overseas staff.
Alongside immigration system reforms, the Government announced they will launch a Global Talent Network to bring highly skilled people to the UK. This network will work with businesses and research institutions to identify UK skills needs and source talent in overseas campuses, innovation hubs and research institutions to bring to the UK.
Businesses across the board and specifically those in the science and technology sectors should await further detail on both of these announcements as potential methods to recruit overseas talent in the post-Brexit world.