Chancellor Rishi Sunak will reportedly unveil ‘tech visas’ in his upcoming Budget to help fintech firms attract more global talent following Brexit.
As part of a post-Brexit economy, the new visa scheme will give priority access to professionals in the tech industry to live and work in the UK.
According to The Telegraph, Sunak wants to ensure the UK retains its reputation as a global fintech hub despite any challenges presented by leaving the EU. The fintech sector is heavily reliant on talent from overseas.
The new visas are likely to be approved by Tech Nation, the national network representing tech entrepreneurs, according to well-placed government sources cited by The Telegraph report.
Prime Minister Boris Johnson is also understood to be supportive of the new visas and discussions are thought to be taking place between Downing Street officials and civil servants.
The plan is said to be a recommendation from former Worldpay chief executive Ron Kalifa as part of his independent review into the fintech sector.
The details are still being finalised, but the ‘tech visas’ are expected to be similar to the global talent visa announced last year to attract more scientists to Britain.
In January, fintech trade body Innovate Finance revealed that the UK’s fintech sector retained its position as the top-ranking fintech investment destination in Europe, attracting $4.1bn (£3bn) in venture capital last year.