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The UK is positioning itself to become a more attractive destination for global talent, contrasting with recent policy shifts in the United States that have made it more difficult to obtain visas, according to a statement from the Chancellor.
The remarks follow an announcement by US President Donald Trump on Friday that dramatically increased the cost of skilled-worker permits, reportedly by a factor of 50 to $100,000 (£74,000), leading to uncertainty and prompting some staff from US tech companies to return to the United States.
“While President Trump announced late last week that it will make it harder to bring talent to the US, we want to make it easier to bring talent to the UK,” Rachel Reeves stated on Tuesday.
Sources within the BBC indicate that the government is considering doubling the number of visas available to highly skilled foreign workers to approximately 18,000 annually.
Reeves’ comments come on the heels of a £150 billion tech deal between the UK and the US, which was touted during President Trump’s recent state visit.
The Chancellor was speaking at the inauguration of fintech firm Revolut’s new global headquarters in Canary Wharf. Revolut has committed to investing £3 billion in the UK and creating 1,000 new jobs.
Revolut’s situation is being closely watched as a potential model for the government’s ambition to streamline regulatory processes for rapidly expanding international companies.
Last week, President Trump’s overhaul of the H-1B visa system, which is used by companies like Google, Apple, and Microsoft to recruit skilled workers from abroad, caused disruption in Silicon Valley.
The announcement prompted many US tech employees, who are originally from other countries and were outside of the US at the time, to rush back to the country – in some instances incurring significant costs.
The White House attempted to mitigate the impact on Saturday, clarifying that the fee was a one-time charge applicable only to new applicants. However, the future of the H-1B program, which has been both criticized for potentially undercutting American workers and praised by tech companies, remains uncertain.
Notably, Melania Trump, Tesla CEO Elon Musk, Alphabet CEO Sundar Pichai, and Microsoft CEO Satya Nadella all previously held H-1B visas.
During her remarks at Revolut’s headquarters on Tuesday, Chancellor Reeves emphasized the UK’s contrasting approach.
“London isn’t just the capital of the United Kingdom, it is one of the two financial capitals in the world, and we want to differentiate ourselves from other countries around the world by being open to the best talent globally,” she said.
“So, while President Trump announced late last week that it will make it harder to bring talent to the US, we want to make it easier to bring talent to the UK.”
“We are expanding our global talent and high potential individual visa routes, and we’re moving quickly to make those easier to access and more supportive of firms ambitions to bring talent here.”
Founded in 2015 by Russian-born entrepreneur Nik Storonsky, Revolut has grown to serve 65 million customers across 40 countries. The company’s valuation is estimated at $75 billion (£55 billion), exceeding that of traditional banks like Barclays and social media platforms like X (formerly Twitter).
Despite applying in 2021, Revolut has yet to receive a full UK banking license. Its current provisional license limits its ability to offer mortgages or accept deposits exceeding £50,000.
The company has also faced criticism regarding issues with fraud.
A previous BBC investigation revealed that Revolut was named in more fraud reports during the 2023/24 financial year than any of the major High Street banks.
At the time, Revolut stated that it takes fraud extremely seriously and has “robust controls” in place to meet its legal and regulatory requirements.
Revolut Chair Sir Martin Gilbert told the BBC that UK regulators have been slow in the process, but he remains optimistic that a full license is forthcoming.
“They are cautious – they have never seen growth like it – this is a bank adding two million customers a month. But it will be soon I hope.”
Earlier this year, Rachel Reeves convened meetings with several key regulators, including financial watchdogs, urging them to prioritize economic growth.
The UK is Revolut’s largest single market, with 11 million customers. However, despite choosing London as its global headquarters, the company has not indicated whether it will eventually list its shares on the London Stock Exchange.
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