UK positions itself as open to overseas talent as US overhauls visa policy

The UK said it would make it easier to attract global talent at a moment when the United States is overhauling its visa policy, a stance delivered by Chancellor Rachel Reeves as she spoke at Revolut’s new global headquarters in Canary Wharf. Reeves cited the U.S. move to tighten skilled-worker permits and framed Britain’s approach as an alternative designed to support fast-growing international firms and investment in the UK economy.

BBC reporting indicates the government plans to double the number of high-skilled foreign worker visas from 6,500 a year to 13,000. Reeves’s remarks come as the UK publicised a £150 billion technology deal with the United States during Donald Trump’s second state visit, a backdrop she used to underscore London’s openness to talent from around the world. In Canary Wharf, Revolut announced it would invest £3 billion in the UK and create about 1,000 new jobs, a move the government cast as a test case for regulatory reform aimed at helping tech scaleups scale quickly.

London has long positioned itself as a global financial hub, and Reeves framed the capital as central to the UK’s strategy to attract talent. “London isn't just the capital of the United Kingdom, it is one of the two financial capitals in the world, and we want to differentiate ourselves from other countries around the world by being open to the best talent globally,” she said. “So, while President Trump announced late last week that it will make it harder to bring talent to the US, we want to make it easier to bring talent to the UK. We are expanding our global talent and high potential individual visa routes, and we're moving quickly to make those easier to access and more supportive of firms’ ambitions to bring talent here.”

Reeves’s push occurs as U.S. policy on visas drew intense attention. Trump announced a 50-fold increase in the cost of skilled-worker permits to about $100,000, prompting confusion among staff at U.S. tech firms who returned to the United States from abroad. The White House later sought to clarify that the fee applied to new applicants and was a one-off move, though the long-standing H-1B program remains a subject of debate among policymakers and industry alike. Reeves’s message, however, was clear: the UK intends to be an easier and more predictable place to bring in talent in a competitive global market.

Revolut, founded by Nik Storonsky in 2015, has grown into one of Europe’s most valuable fintechs, with about 65 million customers across 40 countries. The company is valued at roughly $75 billion (£55 billion), placing it ahead of some established banks and social-media platforms in market capitalization. Yet Revolut does not yet hold a full UK banking licence. It operates under a provisional licence that restricts it from offering mortgages or taking deposits above £50,000. The company has faced scrutiny over fraud and compliance in the past, and a BBC investigation found Revolut was named in more reports of fraud in the 2023/24 financial year than any of the major High Street banks. Revolut has said it takes fraud seriously and has put in place robust controls to meet its legal and regulatory obligations.

Revolut chair Sir Martin Gilbert acknowledged regulators’ cautious approach but expressed optimism that a full banking licence would come soon. “They are cautious – they have never seen growth like it – this is a bank adding two million customers a month. But it will be soon I hope,” he told the BBC. In a broader push this year, Reeves summoned several major regulators to Downing Street to urge them to prioritise growth and to ensure the regulatory framework supports ambitious fintech and other growth drivers.

Revolut remains the UK’s biggest single market for the company, with about 11 million customers in Britain. Yet the firm has declined to commit to listing its shares on the London Stock Exchange, citing a range of factors but signaling ongoing engagement with UK policymakers and potential future steps in capital markets. The absence of a definitive London listing decision underscores the broader tension between regulatory caution and the government’s growth agenda for fast-growing, globally active firms.

The government’s emphasis on expanding visa routes and easing access for skilled workers aligns with Reeves’s longer-term program to position the UK as a welcoming, growth-oriented hub for technology and financial services. The revolver of policy signals—more accessible UK visas, a large-scale UK-US tech deal, and a high-profile investment by a leading fintech in London—are meant to demonstrate that Britain can differentiate itself from other jurisdictions in attracting the best talent globally while safeguarding regulatory standards.

In this environment, Revolut’s expansion plans, regulatory status, and potential future listing become a proving ground for the UK’s ability to balance open talent policies with the need for sound oversight. For UK policymakers, the question remains whether easing visa access and sustaining regulatory confidence can translate into sustained job creation, higher investment, and a resilient competitive stance in a rapidly shifting global tech landscape. Reeves’s remarks and Revolut’s ongoing trajectory illustrate the government’s intent to use talent and technology as a central engine for British economic growth.