UK must draw global talent after US hikes H-1B visa fees, says Stockwood

Trump administration has raised the application fee for H-1B visas to $100,000 in a move that's sparked chaos among some global firms that rely on the programme to bring skilled workers to the US

By Natasha Voase

 

The UK needs to attract global talent to help support the Labour government’s growth mission, especially after the US raised visa fees for foreign workers, according to Britain’s Investment Minister Jason Stockwood. 

“We’ve got to make sure, particularly in things like the tech community where global talent is an absolute priority, that we continue to make the UK attractive,” Stockwood said in an interview, weeks after assuming the role in a cabinet reshuffle. He added that a task force was exploring a number of measures.

 

The Trump administration has raised the application fee for H-1B visas to $100,000 in a move that’s sparked chaos and alarm among some global companies that rely on the programme to bring skilled workers to the US from abroad. Investor Cathie Wood has said other countries should look at this as an opportunity to lure the “best and the brightest.” 

 

 

The government is also working on a “concierge” plan to make it easier for investors coming into the UK, Stockwood said, reiterating a topic his predecessor Poppy Gustafsson had spoken of earlier. The plan, which would give investors a direct line to the Treasury and links to the prime minister’s office, will be launched in the next couple of months, Stockwood said.

 

Bloomberg News previously reported that the UK was drawing up plans for a special visa for foreigners who invest significantly in Britain. 

Football Club Owner

Stockwood, a businessman who owns Grimsby Town Football Club and was inducted into the House of Lords so he could become a minister, was speaking on the sidelines of a breaking-ground event for 72, Upper Ground, a new development by Mitsubishi Estate and developer CO-RE on London’s South Bank.

 

He said the £800 million ($1.1 billion) investment by Mitsubishi was a “massive shot in the arm and an endorsement that the UK is one of the best places to invest and build.”

 

Mitsubishi Estates bought the site in November 2019 and construction just started after a long delay linked to planning issues. Stockwood vowed to cut such red tape in the property sector.  

 

“There is a firm commitment on cutting bureaucracy and planning that you will see in the course of this government,” said Stockwood.

 

Though the Labour government has been talking up proposals to boost housebuilding by slashing regulations, private housebuilding starts were only 4.9 per cent of the government’s London delivery target in the first half of the year, according to data compiled by Molior.

 

Rekindling Britain’s economic growth remains a key priority for the Labour government, Stockwood said, as a battle to fix public finances raises the prospects for more tax increases in the crucial autumn budget. 

 

After growing more than 1 per cent in the first six months of the year, the UK economy stagnated in July, providing a reality check for Chancellor of the Exchequer Rachel Reeves, who is banking on strong growth numbers to help navigate a tight fiscal situation and deliver on the government’s promise to improve living standards. Consumers are braced for more tax hikes in the Nov. 26 budget as Reeves seeks funds to fill a fresh hole in her fiscal plans.