Post-Brexit Britain plots fintech big bang with hubs, tech visas

News24
22 Feb 2021, 00:40 GMT+10

UK Chancellor Rishi Sunak plans to introduce new visas for financial technology workers in next month's budget, part of a package of proposals in a report aimed at boosting the industry in the country, according to newspapers.

The fast-track visa program is designed to lure global talent to Britain's fintech companies and will mirror a similar policy for scientists, the Telegraph reported. It's one of five pillars contained in a Treasury-commissioned report by former Worldpay Inc. CEO Ron Kalifa that's due to be delivered to Sunak as soon as this week, the Sunday Times said.

The Treasury has been examining options to spur the development of Britain's financial technology industry after Brexit as the City of London faces a growing challenge from European Union rivals. London tops European rankings for such companies, according to an index compiled by real estate broker Savills Plc.

Kalifa's report will also propose 10 fintech clusters around the UK to act as hubs for innovation, the Sunday Times said. Planned locations for the clusters, which are designed to ensure the industry is not solely concentrated on London, include the corridor between Edinburgh and Glasgow, and Wales. They could receive funds from so-called local enterprise partnerships that link businesses with local authorities, the newspaper said.

Other proposed measures include digital training, a 1 billion-pound ($1.4 billion) fund for start-ups and reforms to listing rules on the London Stock Exchange.

Source: News24

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

22 ℃

Cloudy in Mexico City Intl

Lifestyle

Section

Libraries across United States adapt to changed conditions

MILLINOCKET, Maine -- Local libraries have adapted to offer critical services during the pandemic, from deploying mobile Wi-Fi hotspots to ...

Company officials see e-scooters as alternative to autos

DUBLIN, Ireland: Transport company Bolt hopes to provide 10,000 rental e-scooters to Ireland. Additionally, 130 new jobs would be created ...

Sixers C Joel Embiid pledges $100K from ASG to homeless

Sixers center Joel Embiid pledged to donate $100,000 from Sunday's NBA All-Star Game to help combat homelessness in Philadelphia. Members ...

Senate Passes $1.9 Trillion COVID-19 Relief Bill

The U.S. Senate passed a $1.9 trillion coronavirus relief bill Saturday, giving President Joe Biden his first major legislative victory ...

Ex-Ranji cricketer held in Hyderabadfor cheating

Hyderabad (Telangana) [India], March 6 (ANI): Hyderabad Police on Saturday apprehended ex-Ranji cricketer for cheating businessmen of more than Rs ...

Sixers C Joel Embiid donating ASG earnings to homeless

Sixers center Joel Embiid is donating $100,000 in earnings from Sunday's All-Star Game to combat homelessness in Philadelphia. The four-time ...

International

Section