Sunday 21 February 2021 12:12 pm

UK to unveil new visa scheme for fintech workers

Rishi Sunak will reportedly unveil a new UK visa scheme to help London’s fintech firms attract more global talent in the wake of Brexit.

The new visa fast track scheme will give priority access to professionals in the tech industry to live and work in the UK as a part of the country’s new post-Brexit immigration system.

Read more: Rishi Sunak set to raise UK corporation tax in 3 March Budget

The Sunday Telegraph reports that Sunak is keen to ensure that the UK’s £7bn fintech sector maintains its global standing in years to come in his 3 March Budget.

London is one of the globe’s largest fintech capitals, with major firms such as Revolut, Monzo and Cazoo headquartered in the capital.

The three firms, along with five others in the UK, have gained so-called “Unicorn” status meaning they are worth more than £1bn.

Whitehall sources told the Telegraph that Sunak’s visa scheme will be welcomed by the UK’s tech lobby Tech Nation and that Boris Johnson backs the plan.

The plan is said to be a recommendation from ex-Worldplay chief executive Ron Kalifa in his independent review on how to boost the fintech sector post-Brexit.

Read more: UK businesses eye fintech sector to help drive profitability

The industry is one of many that could be affected by a mass exodus of EU citizens from the capital.

Research from Oxford University shows about half a million EU citizens left the UK permanently in 2020, with the vast majority coming from London.