As I scroll through my Twitter feed on a Monday morning, in search of mindless meme’s or a funny tweet to kickstart another week spent working from home, it appears that not all in the world is doom and gloom (cue the fanfare). After a year of mask-wearing and the little matter of Brexit, there may be some light peeking through the end of the tunnel for our neighbours across the pond with fast-growth companies becoming “beacons of hope” in the UK. In an attempt to mirror pre-Covid achievements, Chancellor Rishi Sunak announced a new reform in the 2021 budget which will invest in R&D intensive companies. For a moment, it seemed as though Britain was drifting further and further away from a sense of familiarity. However, this reform is hoped to claw back elements of normality and allow the UK to cling onto its position as a greenhouse destination for migrants within the science, research and engineering sectors.
Sounding like the name of a dramatic RTE documentary, ‘Future Fund: Breakthrough’ is a £375 million investment to be rolled out in early 2022. Imagine having that sort of money lying around…she writes as the electricity metre begins beeping…Its main aim is to encourage growth within UK start-ups and fast-growing firms such as FinTechs. The fund will match public money with private-sector venture capital. Let’s hope there’s a future Revolut, Monzo or SumUp in the mix! The reform will “provide a catalyst for growth” within the British economy in a desperate attempt to retain the UK’s position as a hotspot for tech innovation amongst the global players.
I sit, writing from my desk in the front room, overlooking the back garden where sprigs of new life flourish under the summer sun. Working from the office has become a mere sentiment of the past. The entire world turned on its head in 2020. While we recognise this shift to home-working as one of the key life changes associated with the Coronavirus era, something you may not have considered is how the lack of worldwide travel may be affecting access to overseas talent. UK nationals may think, "how does this affect me?". Well, according to EY the UK holds a 10% share in the global FinTech market, contributing a whopping £7 billion to the British economy per year. Without this access to qualified talent pools, the industry could eventually suffer from a lack of diversity, over-inflated salaries and a stunted sense of advancement. So yes, if left untreated, a lack of diversified talent may scar the industry as a whole, taking the UK down with it!
How will the ‘Future Fund: Breakthrough’ scheme help? Well, the government will provide fast-growth firms with access to international talent pools through the introduction of a Global Business Mobility Visa. This will allow global businesses to transfer the best and brightest overseas workforce to the UK without the usual immigration hassle – essentially these employees would be granted a ‘fast-pass’ entry in order to drive the economy and ensure continuous growth within the science, research and engineering sectors. This will be particularly important in improving the post-Brexit image because let’s face it… The UK isn’t looking all that hot right now. Having forfeited their EU status, the reform will allow the UK to move away from its tarnished image as a ‘no-go’ zone, and let overseas talent know that they are open for business! This is hoped to encourage talented job seekers to choose the UK rather than opting for employment within foreign markets, where competitors have substantially deeper pockets. This element of the reform will allow the UK to retain its competitive advantage and continue to trailblaze in FinTech.
Fast-growth companies are doing exactly that – growing at a ferocious rate and they need talent. Kelly can look after your talent needs, providing you with the luxury of time to focus on life-changing research and innovations. Perhaps you are hoping to find a job role within the FinTech industry? Our recruitment team can support you in finding the perfect position.