Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
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UK Chancellor Rishi Sunak plans to introduce new visas for financial technology workers into next month’s budget, part of a package of proposals in a report aimed at boosting industry in the country, according to newspapers.
The accelerated visa program is designed to attract global talent to Britain’s fintech companies and will mirror a similar policy for scientists, reported the Telegraph. It is one of five pillars contained in a report commissioned by the Treasury by former Worldpay Inc. CEO Ron Kalifa that is due to be handed over to Sunak later this week, the Sunday Times said.
The Treasury has been examining options to stimulate the development of Britain’s financial technology industry after Brexit, as the city of London faces a growing challenge from European Union rivals. London is at the top of the European ranking for these companies, according to an index compiled by the real estate broker Savills Plc.
The Kalifa report will also propose 10 fintech clusters across the UK to act as centers of innovation, the Sunday Times said. The planned locations for the clusters, which are designed to ensure that the industry is not just focused on London, include the Edinburgh-Glasgow corridor and Wales. They could receive funds from so-called partnerships with local companies that link companies to local authorities, the newspaper said.
Other proposed measures include digital training, a £ 1 billion ($ 1.4 billion) fund for startreforms to the listing rules on the London Stock Exchange.