Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
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UK Chancellor Rishi Sunak plans to introduce new visas for financial technology workers in next month’s budget, as part of a package of proposals in a report aimed at boosting industry in the country. according to newspapers.
The fast-track visa program aims to attract global talent to British fintech companies and will reflect a similar policy for scientists, the Telegraph reported. It is one of the five pillars contained in a report commissioned by the Treasury of the former Chief Executive Officer of Worldpay Inc. Ron Kalifa to be delivered to Sunak this week, according to the Sunday Times.
The Treasury has explored options to boost the development of the UK’s financial technology industry after Brexit, as the city of London faces an increasing challenge from rivals from the European Union. London tops the European ranking for such companies, according to an index compiled by real estate broker Savills Plc.
Kalifa’s report will also propose 10 fintech clusters in the UK to act as hubs for innovation, according to the Sunday Times. Planned locations for the clusters, which are designed to ensure that the industry is not concentrated in London alone, include the Edinburgh-Glasgow-Wales corridor. They could get money from so-called local business partnerships that connect businesses with local authorities, the paper said.
Other proposed measures include digital training, a £ 1 billion ($ 1.4 billion) fund boot ups and reforms to the listing rules on the London Stock Exchange.