Philip Hammond, the British Chancellor, promised that the United Kingdom would “remain open to talent from around the world” after Brexit as he vowed to turn the nation into a “global magnet for tech skills.”
At the Innovate Finance Global Summit that was held today, Hammond told business leaders: “One of the biggest issues for many of you in this room will be access to skills and talent, and many understandably question what will happen as we leave the European Union.”
He added: “Let me reassure you, even as freedom of movement ends, Britain will remain open to talent from around the world.”
Hammond disclosed that PhD-level jobs will be exempt from immigration caps starting autumn this year. He also flagged new startup and innovator visas that were introduced earlier in the year.
He stated: “We will still draw talent from across the EU but from beyond it as well, making London and the UK a global magnet for tech skills.”
The two-day Innovate Finance Global Summit showcased the fintech sector of the United Kingdom both locally and internationally. It attracted international exhibitors and attendees.
Fintech is short for financial technology. It is worth an estimated £7 billion to the UK economy and spans everything from online lending to app-only banks and digital mortgages.
Hammond stated: “The UK Is now a fintech powerhouse.”
He continued: “Last year, fundraising for UK fintech reached a record £15bn, representing £1 in every £6 invested in fintech around the world.”
He noted: “While there is much to be proud of, there is no room for complacency. International competition is growing.”
Hammond announced the launch of a new organisation that is called the Fintech Alliance. According to a press release, it will run an online portal for UK fintechs to help them “open up international opportunities and build bridges.”
Hammond said that the project was part of the initiatives of the government to “make London a truly global hub for fintech.”