October 4, 2023

Rishi Sunak outlines a £1.4 billion budget plan to liberalize foreign investment

Rishi Sunak outlines a £1.4 billion budget plan to liberalize foreign investment

Ministers want to give 1.4 billion

Rishi Sunak will use the budget on Wednesday to encourage foreign investment, with plans to find and attract skilled workers to the UK, including in professional services such as auditing, accounting and law.

This week the government hosted the World Investment Summit in London, followed by a reception at Windsor Castle with the Queen to attract global financiers and multinational corporations.

Many local businesses feel left behind after the prime minister’s recent attacks on overseas labor use.

The budget is expected to deal another blow to UK companies as Sunak does not commit to making major changes to its pricing system for companies that several consortiums have requested. The Central Bank of Iraq this week expressed concerns about additional taxes on businesses and workers.

Ministers will secure cash for international companies through “strategic” investment proposals, albeit after careful consideration, to ensure value for taxpayers.

The new fund includes £354 million to support investments in life sciences manufacturing and more than £800 million to support electric vehicle production in the North East and Midlands.

Sunak will also introduce the Talent Network team, which aims to help attract foreign talent by working with British companies and research institutes to identify skills gaps. It will then support the localization of specialists from foreign universities, innovation centers and research institutions.

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The program will begin in the Bay Area in San Francisco and Boston in the United States and in Bengaluru in India in 2022, before expanding to six countries around the world by 2023.

“We want to make the UK the best place in the world to start, grow and invest in business,” said Sunak.

The chancellor will make it easier for companies to move to the UK through a revised redistribution system aimed at bringing the UK into line with countries such as Canada, New Zealand and Switzerland.

He is expected to use the budget to announce a consultation to come up with ideas on how best to shape the new rules.

Next week, the government will be 700 million from 2023 onwards, and new electronic travel passes will allow people to visit the UK without a visa for reasons such as tourism.