On Tuesday, Rachel Reeves, UK Shadow Chancellor, made a very big, very bold pledge. As one example, the United Kingdom is looking to make it easier to bring top international talent. Ms. Cooper’s comments were made at the opening ceremony of fintech giant Revolut’s new global headquarters in Canary Wharf, London. This is a direct response to the recent changes in American visa policy as implemented by President Trump. These reforms are likely to have a chilling effect on foreign workers seeking employment opportunities in the United States.
Reeves further emphasized the opposing strategies of the two countries when it came to attracting and retaining skilled workers. She noted that the Trump administration is expected to further clamp down on immigration. The UK seeks to position itself to be different by remaining open to the world’s best talent. Reeves pointed to London as one of the world’s top financial centers. He recently shared this vision: “London isn’t only the capital of the United Kingdom; it is one of the two financial capitals all over the world. We want to be different by focusing on luring in the best international talent.”
In her speech, Reeves focused on accommodating her inaugural meetings with financial services leaders at Number 11 Downing Street. She called on them to double down on making the UK’s financial sector an engine for growth. This complements the government’s overall approach to create an international hotbed of innovation that encourages productive business investment.
With 11 million customers in the UK, Revolut over the summer they released a $650 billion dollar investment plan to bolster future operations in the country. The fintech multinational pledged to invest £3 billion and generate 1,000 new jobs. This action further underlines the importance of the UK, which is Revolut’s largest single market. It’s an indicator of the remarkable growth potential within the sector itself.
Reeves’ comments came shortly after the UK government celebrated a £150 billion tech deal with the US during Trump’s second state visit. The visa regime in these two countries can hardly be more different. This difference has sparked a rich discussion between the two states about how to drive more economic development and attract talented professionals.
“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.” – Rachel Reeves
To that point, the fintech industry has experienced exponential growth over recent years. Many companies can attest to doubling or even tripling their customer bases in record time. As Sir Martin Gilbert, the former CEO of one of the UK’s largest asset managers, observed, Revolut’s growth was “explosive.” The company is gaining two million new customers per month. He took note of this exceptional growth. At the same time, he was aware that a great many investors are hunkering down because of that stunning growth.