Effect Of Brexit On UK Economy 2018
The United Kingdom left the European Union on June 23, 2016. However, the effect of Brexit on UK economy 2018 has most definitely been tremendous. The most recent is 11% fewer business visas given by the UK after Brexit this year. In 2016, 140 individuals representing foreign companies had applied for the UK visa. In 2017, only 125 individuals representing foreign companies applied for a business visa. That is a loss of 11%.
The UK government says that this is due to stricter reviews. Prime Minister Theresa May wants to cut down on immigration, that is why Home Office is minutely reviewing foreign businesses which are causing this damaging effect of Brexit on UK economy 2018 . It is projected that the population in the United Kingdom is expected to touch 70 million in 2029. After looking at the statistics, PM May has decided to cut down net immigration.
What’s a business visa and how is it causing effect of Brexit on UK economy 2018?
The representative of an overseas business visa is a visa that is valid for three years. The visa is given to individuals from non-European Union countries looking to expand business in the United Kingdom. Most companies that want to expand our tech industries.
Losing out on tax revenue
Collyer Bristow, a law firm in UK, said that issuing 11% fewer business visas will reduce government tax revenue. The government will miss out of major tax revenue. Maximum business visas were given to Australian and American nationals. The law firm said that 20 each were given to both nations. Chinese and Indians nationals were given 15 business visas each.
10 business visas were issued to Japanese nationals. James Badcock, a lawyer representing Collyer Bristow, said that business visas attract major companies around the world to the UK. It encourages trade, innovation, competition, and more importantly investment. He feels the government hasn’t done much to promote representative of an overseas business visa. Most companies around the world aren’t even aware that a business visa like that exists.