ABPI response to the Chancellor’s Davos speech on attracting talent for UK growth sectors

Speaking at the World Economic Forum’s Annual Meeting in Davos, Switzerland, today (22 January), Chancellor Rachel Reeves MP announced that the government plans to ‘secure world’s top talent in key growth sectors’ including life sciences.

Responding, ABPI Executive Director of International Policy & UK Competitiveness, Claire Machin said:

“The Chancellor is right to recognise that the UK needs to focus on attracting the brightest minds to drive innovation and growth in critical growth sectors like life sciences.

“Making the UK a more attractive destination for life science investment means having highly skilled people. High visa costs and long processing times can be a frustrating barrier to securing talent, so it's particularly positive that the Chancellor is reviewing the UK's visa routes.”

Background

A recent analysis by the Royal Society revealed that UK visa costs are up to 17 times higher than those of other leading science nations, including Australia, Canada, and the US. This is a huge increase from 2021, when costs were already ten times higher than the international average.

High visa costs, coupled with slow processing times, are making the UK increasingly uncompetitive in the race for global talent. By reducing visa costs and improving processing efficiency, the government can send a clear signal that the UK is open and ready to welcome the talent that powers ground breaking research and innovation.