Brexit freedoms have made UK a magnet for skilled migrants
BREXIT freedoms have made the UK a magnet for highly skilled migrants, according to the Organisation for Economic Co-operation and Development.
OECD data showed that abolishing quotas and red tape after leaving the European Union has enabled Britain to lure more global talent.
The international organisation said the UK enjoyed the largest improvement in “talent attractiveness” in 2023, moving up nine places to seventh since 2019 and climbing above the US and Canada for the first time.
The OECD said the rankings reflected the UK’S decision to abolish its quota for highly skilled workers, as well as the success enjoyed by many overseas workers in the country.
The number of non-eu, non-visitor visas issued has almost doubled since 2016, according to Home Office data. This comes amid a shake-up of the UK’S immigration policy that has led to more people arriving from outside the EU.
Net immigration to the UK reached a record high of 504,000 in the year to June 2022, though this also reflected inflows of refugees from Ukraine and Hong Kong, surging student numbers and a drive by the NHS to hire staff.
The OECD also described the UK as “leading start-up nations, with very strong entrepreneurial cultures and many unicorn companies created in the past decade”. However, Jeremy Hunt has been warned that his dream of creating the next Silicon Valley in Britain is being put at risk by the Chancellor’s plans to cut tax relief for start-ups.
More than 150 companies have written to Mr Hunt urging him to reverse tax credits for R&D, saying they will “significantly damage the UK’S start-up ecosystem”. They say the changes, due within weeks, will lead to declines in research spending and result in companies being unable to pay staff.
The OECD added that the UK was also a good place for entrepreneurs to thrive because of “lower capital requirements, but also a favourable environment when considering most other aspects such as a strong skills environment and being welcoming to immigrants”.