On Tuesday, Rachel Reeves emphasized the United Kingdom’s commitment to attracting international talent. She delivered the news from the new global HQ of fintech behemoth Revolut in tech-hub Canary Wharf. Her comments illustrate the dramatic shift in the United States’ visa policies made under former President Donald Trump. For many, the implementation of these changes has exacerbated fears that a pool of skilled labor will no longer exist in Silicon Valley.
“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 stated.
Yet, her comments could not have come at a better time. Revolut recently revealed a £3 billion vote of confidence in the UK, including 1,000 new jobs. The UK is home to 11 million customers, and is therefore Revolut’s largest individual market. This underscores the importance of a protective regulatory climate that encourages technology companies to thrive.
In her remarks, Reeves highlighted the stark contrast between the UK’s approach and the U.S.’s recent reform of the H-1B visa program. Bloomberg’s article highlights that major technology companies such as Google, Apple, and Microsoft have depended on this flawed system for years to recruit the best and brightest from across the globe. Trump’s harsh new policy led to a huge spike in the price of skilled worker visas. Fees for new applicants jumped to $100,000, a 50-fold increase. The repeal triggered an uprising of tech workers in Silicon Valley. Many were required to return to the U.S. as soon as possible — some paying thousands of dollars in last-minute flights.
President Trump decided late last week – through executive order – that he will make it more difficult to bring great talent to the US. In stark opposition, we want to enable companies to bring the best talent to the UK. Reeves to the United States, elaborating even further on just how different our two nations’ approaches are.
Just this past February, Reeves brought together or welcomed the UK’s most senior regulators – including financial watchdogs – to Number 11 Downing Street. She wanted to push them to focus on growth and innovation in the financial sector. This focus on applied R&D is critical to ensuring the UK remains competitive on the global stage.
Revolut’s investment signals confidence in the UK’s future as a hub for financial technology. When pushed to confirm that this investment would lead to a public listing on the London stock market, representatives from the company remained mum. Further, they provided no substantive comment on the issue.
Consider that Elon Musk, Sundar Pichai of Alphabet, and Satya Nadella of Microsoft all once held H-1B visas. This is a reminder of how important the program has been at creating the tech ecosystem in the U.S. As companies navigate these changing regulations, Reeves’ remarks position the UK as a viable alternative for talent seeking opportunities in global markets.
The UK’s International Technology Strategy absorbs this advice and proposes to expand global talent and high potential individual visa routes. We’re glad to see the government moving fast to clear and expedite these pathways. They are interested in ensuring that US immigration policy better facilitates companies’ efforts to recruit international talent.