Wise, Multiverse and Index Ventures are part of a group of more than 100 technology and investment firms calling on the next government to support skilled immigration.
Industry lobby group the Start-Up Coalition, backed by dozens of major companies, has published a manifesto calling on the winner of this week’s election to reform the visa system to give the tech industry access to international talent.
The manifesto describes the current visa system as “not fit for purpose” and an “obstacle to entrepreneurs”.
Ahead of the election campaign, the Conservative government has taken a hard-line stance on immigration, drawing criticism from start-ups.
Home Secretary James Cleverley raised the income threshold for skilled migrants to £38,700 at the end of last year, sparking a fierce backlash from the technology industry.
“As an immigrant founder of the UK’s largest listed tech company, I understand deeply that immigration is the lifeblood of success in the tech sector,” said Taavet Hinrichs, co-founder of Wise and manifesto supporter at the Startup Coalition.
“But we’re now at risk of losing some very driven and ambitious founders and talent by making it so much harder to settle here.”
Technology Minister Saqib Bhatti had earlier defended the home minister’s decision. EnglandBut he acknowledged that “there is clearly a talent need in the tech industry and we are trying to fill that need.”
The Startup Coalition also recommends strengthening tax incentives for cutting-edge research and development, increasing public funding for startups, strengthening support for small startups in competition regulation, and acting on the recommendations of the Spin-out Review.
The manifesto supported existing plans to redirect pension fund money into start-ups.
“Founders constantly tell us that startups need a few fundamentals to thrive: great talent, access to the capital they need to grow, and easy-to-understand, actionable regulation,” said Dom Hallas, executive director of the Startup Coalition.
“Whatever happens on Thursday, if we want growth in the UK we need to listen to the call of entrepreneurs.”
read more: The party that wins the election must sort out the skilled visa system
