Immigrants play a “critical” role in the UK startup economy and must be protected, according to a new think tank report.
Over a third (39%) of the UK’s top 100 fastest-growing companies have a founder born outside of Britain, according to research from the Entrepreneurs Network. This is despite immigrants making up less than 15% of the total UK population.
The report, therefore, calls on the government to ensure the UK remains open to foreign-born talent and reforms the immigration process to improve access to visas for skilled individuals.
Among the Entrepreneur Network’s recommendations is to negotiate youth mobility schemes with the EU and the US and lower visa fees for high-skilled immigrants.
The think tank also called for the government to expand the High Potential Visa – introduced by former prime minister Rishi Sunak to offer visas to graduates of global top 50 universities.
“Given the unwelcome return of hostile rhetoric towards immigrants in the UK, it’s more important than ever to set out the facts,” said Eamonn Ives, research director of The Entrepreneurs Network.
“People coming into our country to work are a huge force for good, and as our research shows once again, foreign talent is helping to build some of Britain’s most exciting and lucrative companies.
“We need to ensure our immigration system recognises their incredible contribution and doesn’t needlessly throw up barriers to those who want to make our economy stronger and more dynamic.”
Earlier this year, Science Minister Sir Patrick Vallance said visa costs are “very high” and must be looked at to ensure the UK attracts science and tech talent.
Vallance told BBC Radio 4 there is an “opportunity” to simplify visa rules for those who “come in to do contributions to scientific knowledge and indeed to create companies”.
In July, a Home Office spokesperson reportedly told iNews that lowering visa fees was not “government policy”.
