Revolut's £3 Billion Bet: UK is Open for Business, Says Rachel Reeves
Chancellor Rachel Reeves announces UK's open for business as Revolut reveals £3 billion investment plan, promising 1,000 new jobs.
UK Welcomes Revolut's Investment
Rachel Reeves, the Chancellor, has declared that the UK is "open for business" following financial technology giant Revolut's commitment to invest £3 billion in its UK operations. This announcement was made at the opening of the firm's new headquarters in Canary Wharf, London. Reeves emphasized the importance of this investment in the context of a broader shift as major US firms recently pledged significant funds to support jobs and growth in the UK.
Boosting Financial Services
During her address, Reeves highlighted the government’s "Leeds reforms" aimed at making Britain a preferred destination for financial services, thereby enhancing its competitiveness in the global investment arena. She remarked, "For too long, Britain has lagged in productivity performance," suggesting that the new measures will help the country catch up.
Talent Attraction Strategy
In contrast to recent policies from the US aiming to restrict talent entry, Reeves advocated for easier access to visas for foreign workers, reflecting a welcoming stance towards global talent. "We want to make it easier to bring talent to the UK," she noted, indicating that the new visa routes would aid firms in hiring skilled professionals from abroad.
Creating Jobs and Infrastructure
Revolut's investment is expected to generate around 1,000 jobs, particularly in its burgeoning business accounts division, while also funding the expansion of its infrastructure from the newly established headquarters. This strategic move signals a vote of confidence in the UK economy, especially at a time when other firms are shifting focus to international markets.
A Bright Future Ahead?
As the fintech giant gears up to fully capitalize its UK bank—having recently received the necessary banking license—the excitement around Revolut’s expansion is palpable. Co-founder Nik Storonsky expressed his commitment to rolling out the UK bank while celebrating a customer base that has already surpassed 12 million.
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