The UK is all set to launch a new Scale-Up Visa in a bid to entice global talent. The announcement came from Rishi Sunak, chancellor of the Exchequer, as a part of the 2021 budget. The visa, to be launched in spring 2022, will allow fast-growing businesses in the country to access highly-skilled workers from overseas.
Applicants for this fast-track visa will require a high-skilled job offer from an eligible employer in the UK. They must also have a salary of at least £33,000 as a part of the offer. According to Sunak, an economy built on innovation should be open to the best and brightest minds. He further stated that a third of the science Nobel Laureates from the UK have been immigrants, while half of the fastest-growing companies in the country have foreign-born founders.
The Trade secretary’s Global Talent Network will be responsible for identifying, attracting, and relocating the best global talent in the key sectors of science and technology. The UK government aspires to make its visa system the most competitive in the world.
The budget also included other key points, such as the government’s plan to fully fund Horizon Europe and increase science funding by £1.1 bn. It also aims to grow the R&D investment to £22bn by 2026-27. Steve West, president of Universities UK, lauded the announcement. He said that universities did their bit to support the country amid the pandemic, and this recognition by the UK government will speed up the recovery even further.
The funding will empower universities to support the government’s plans to level up, collaborate with businesses, boost innovation, and meet local skills needs. The ongoing commitment to increasing public spending on innovation, enterprise, research, and development will help to reinforce the country’s position as a global science superpower. Sustainable funding can help universities to maximise their role in levelling up and expanding research.
If you are considering studying abroad why don’t you discuss your prospects and opportunities with experts at Lurnable’s dedicated study abroad counselling division LurnPathways?
