What role does foreign talent have in some of Britain’s fastest-growing companies?
Foreign talent has once again been found leading a significant portion of the UK’s fastest-growing companies.
According to an analysis of Beauhurst data conducted by The Entrepreneurs Network and immigration lawyers Fragomen, 39 per cent of the UK’s 100 fastest-growing companies this year have a foreign-born co-founder.
Although this number has remained relatively level over the last few years, it is down from 49 per cent in 2019.
In comparison, the report highlighted that immigrants currently make up less than 15 per cent of the UK’s general population.
The analysis, which argues how “critical” foreign talent is to the future of the UK’s start-up ecosystem, also called on the new Labour government to reform visa policy and immigration.
It implemented near the end of the previous Conservative government’s term, including a hike in the visa salary threshold for skilled workers, up from £38,700 from £26,200.
Eamonn Ives, research director of The Entrepreneurs Network, said: “Given the unwelcome return of hostile rhetoric towards immigrants in the UK, it’s more important than ever to set out the facts.
“People coming into our country to work are a huge force for good, and as our research shows once again, foreign talent is helping to build some of Britain’s most exciting and lucrative companies.
“We need to ensure our immigration system recognises their incredible contribution, and doesn’t needlessly throw up barriers to those who want to make our economy stronger and more dynamic.”
The report included a list of government recommendations, some of which included the lowering of visa costs, reformation of eligibility thresholds, the negotiation of youth mobility schemes and the creation of a specialised international talent recruitment taskforce.
Nadine Goldfoot, managing partner of Fragomen’s UK practice, said: “As the analysis highlights, foreign-born start-up founders have been and are integral to the success of the UK’s entrepreneurial ecosystem.
“Reforms to ensure we continue to attract the world’s brightest minds to the UK, to collaborate alongside homegrown innovators, is a recipe for continued and dynamic economic growth.”
City PM has contacted the Home Office for comment.