Chancellor Rachel Reeves has announced plans to refund visa fees for some international businesses as part of efforts to attract high-value investment into the UK.
Reeves is set to unveil the proposal on Tuesday as she travels to the World Economic Forum in Davos, Switzerland, where she will meet global business leaders alongside Business Secretary Peter Kyle.
The move is aimed at encouraging trailblazer companies to bring highly skilled workers to Britain.
Under the plans, certain visa fees would be refunded and the process for businesses to become approved sponsors of migrant workers would be sped up. Reeves said the changes would help position the UK as a stable and attractive destination for investment.
“Some countries give you a platform, but Britain gives you momentum,” she said, urging investors to choose the UK as a base for growth.
At Davos, the chancellor is expected to highlight Labour’s investment plans for key industries such as steel and clean energy, as well as commitments to improve transport infrastructure in northern England.
However, her visit comes amid global economic uncertainty, with markets unsettled by former US president Donald Trump’s renewed threat to impose tariffs on several European countries, including the UK. Trump is due to address the forum on Wednesday.
Reeves has also come under pressure at home, particularly from the hospitality sector. More than 130 hotel operators have warned that recent changes to business rates could harm investment and jobs, urging the government to announce support measures.
Ministers have indicated that help is coming, but details have yet to be confirmed.
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