Rachel Reeves has said the UK is getting \u201cahead in the global race for investment\u201d as Revolut unveiled plans to plug \u00a33 billion into its expansion in the country.<\/p>\n
The Chancellor welcomed the pledge at the opening of the financial firm\u2019s new head office in London\u2019s Canary Wharf.<\/p>\n
It follows major US financial firms last week announcing billions of pounds worth of investment into jobs and growth in the UK.<\/p>\n
Chancellor Rachel Reeves welcomed Revolut\u2019s investment (Belinda Jiao\/PA) <\/p>\n
Ms Reeves said: \u201cThe UK is well and truly open for business under this Government.<\/p>\n
\u201cThrough our \u2018Leeds reforms\u2019 we\u2019re making Britain the best place for financial services companies to do business, pushing us ahead in the global race for investment and putting more money in people\u2019s pockets through the plan for change.\u201d<\/p>\n
The \u201cLeeds reforms\u201d package, unveiled in July, included measures to loosen lending rules and change current regulatory systems for banks.<\/p>\n
The Chancellor said that \u201cfor too long, Britain has been the laggard of productivity performance,\u201d adding: \u201cEver since the financial crisis, our productivity has lagged behind our competitors.\u201d<\/p>\n
\u201cSo while President Trump announced late last week that he will make it harder to bring talent to the US, we want to make it easier to bring talent to the UK,\u201d she said.<\/p>\n
This will include expanding \u201cglobal talent and high potential\u201d visa routes and making them easier to access by firms that want to hire people from abroad.<\/p>\n
\u201cThe opening of this fantastic new headquarters in Canary Wharf also, I believe, marks a further vote of confidence in the UK economy and in our future.\u201d<\/p>\n
Revolut\u2019s cash injection, spread across five years, is set to go towards the creation of 1,000 jobs in the UK, particularly within its fast-growing business accounts division.<\/p>\n
It will also help fund the development of its business infrastructure from the new global headquarters in the capital\u2019s financial district.<\/p>\n
Furthermore, a portion of the investment is understood to be earmarked for fully capitalising its UK bank, which it is in the process of setting up.<\/p>\n
The global fintech relocated to the newly refurbished YY London building in the centre of Canary Wharf, installing a large Revolut sign on to the top of the new office space.<\/p>\n
It signals a boost for the city amid a series of large firms shifting away from the UK to focus on other international markets such as the US.<\/p>\n
Revolut secured a banking licence in the UK last year following a three-year wait for approval to operate in its home market.<\/p>\n
The licence came with restrictions, however, meaning it is still not able to fully operate as a bank and hold customer deposits above a total of \u00a350,000.<\/p>\n","protected":false},"excerpt":{"rendered":"Rachel Reeves has said the UK is getting \u201cahead in the global race for investment\u201d as Revolut unveiled…\n","protected":false},"author":2,"featured_media":445993,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[748,25596,393,150449,4884,1197,1144,619,3798,712,16,15,1764],"class_list":{"0":"post-445992","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-britain","10":"tag-canary-wharf","11":"tag-england","12":"tag-global-race","13":"tag-great-britain","14":"tag-investment","15":"tag-northern-ireland","16":"tag-rachel-reeves","17":"tag-revolut","18":"tag-scotland","19":"tag-uk","20":"tag-united-kingdom","21":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115254020275586004","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/445992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=445992"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/445992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/445993"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=445992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=445992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=445992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}