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Rachel Reeves has pledged a root-and-branch review of the UK’s immigration framework, including potential new visa routes for high-skilled workers in AI and life sciences, as part of a wider push to stimulate economic growth.

The chancellor revealed that a white paper will be published later this year, announcing the Government’s vision for “Britain to be open for business and open for talent”.

Speaking at a breakfast event during the World Economic Forum in Davos, Reeves said: “We are going to look again at routes for the highest skilled people, visas particularly in the areas of AI and life sciences. Britain is open for business, we are open for talent, we’ve got some of the best universities, some of the best entrepreneurs in the world, but we also want to bring in global talent.”

While Labour has long emphasised the need to bring overall migration down, Reeves pointedly signalled a desire to reassure international firms and investors that the UK remains an attractive destination for skilled professionals. Ministers intend to engage with businesses on how best to reform current visa pathways, including empowering British diplomats overseas to promote the UK as an appealing place to live and work.

Asked whether she was as comfortable with wealth creation as Tony Blair’s government once declared, Reeves responded emphatically: “Absolutely.” She and Jonathan Reynolds, the business secretary, spent the summit underlining the Government’s “pro-growth” ethos, insisting key infrastructure projects such as airport expansions must not be thwarted by entrenched local opposition.

Reeves was also pressed on the possible approval of Heathrow’s third runway. She avoided direct confirmation but emphasised that the answer to major national projects “can’t always be no”. Her stance suggests a willingness to back large-scale developments to drive growth, reflecting concerns that delays to major infrastructure have hampered the economy.

The chancellor confirmed that Marcus Bokkerink’s abrupt departure as chair of the Competition and Markets Authority was linked to ministers’ calls for regulators to support economic growth more proactively. Bokkerink will be succeeded by Doug Gurr, a former Amazon UK boss, after officials raised concerns that the CMA’s approach had been impeding growth opportunities in crucial sectors, including tech and financial services.

“Growth is our number one mission,” Reeves explained. “We want our regulators to be part of that mission … He [Bokkerink] recognised it was time for him to move on and make way for somebody who does share the mission and strategic direction this Government is taking.”

Commenting on the proposed visa overhaul, Karendeep Kaur, Legal Director at immigration law firm Migrate UK, welcomed the prospect of more straightforward routes for businesses that depend on specialist skills. However, she warned that many firms remain wary of complex sponsor licence obligations and escalating visa-related costs.

“For this to be successful, businesses will need reassurance that gaining specialist talent will outweigh the demands placed on them as sponsor licence holders,” Kaur said. “Since 31 December 2024 UKVI announced that businesses will face instant revocation of their licence should they be found to be ‘clawing back’ certain sponsorship-associated costs. … The increased pressure for compliance may deter businesses from applying for a sponsor licence.”

Kaur also highlighted impending visa fee increases, including a proposal to raise the certificate of sponsorship fee from £239 to £525. When combined with sponsor licence fees, skills charges, and immigration health surcharges – especially for family members – the cost to employers and employees can easily mount to tens of thousands of pounds.

“As enticing as it may be to work and live in the UK,” she added, “there is still demand for the government to reduce overall migration. That places them in a precarious position over how lenient these routes can be.”

Despite these concerns, the Treasury aims to underscore the UK’s strong suit of world-class universities, thriving entrepreneurship and “pro-growth” agenda, hoping a revamped visa strategy will help tackle post-pandemic challenges and bolster the country’s position as a global innovation hub.

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UK to review visa system to entice top AI and science talent, says Reeves

Britain’s soaring sickness bill has left policymakers and economists scratching their heads, with near-record numbers of workers absent on long-term health grounds costing the public purse more than £65.7 billion a year.

Some 2.8 million people now claim incapacity and disability benefits, far above pre-pandemic levels, and the House of Lords’ economic affairs committee has warned that the problem cannot be attributed solely to deteriorating health or NHS delays. Instead, evidence suggests the benefits system itself may be contributing to a surge in claimants, at a time when overall sickness support already eclipses the entire national defence budget.

A rise in mental health conditions and back problems has partly fuelled the sharp jump. Official survey data from the Office for National Statistics (ONS) indicates that around 700,000 more people are out of work with long-term sickness than in early 2020. Despite the global nature of the pandemic, the UK’s incapacity rate appears to have increased more rapidly than in many other countries.

Even so, the Lords committee, after questioning leading experts, concluded: “We received no convincing evidence that the main driver of the rise in benefits is deteriorating health or high NHS waiting lists.” In fact, other government data suggests that overall health in the population has remained relatively stable over the past decade. While concerns linger over stagnant life expectancy and a growing number of Britons self-reporting as disabled, the committee believes deeper structural issues are at play.

Senior researchers highlight a mounting incentive within the benefits system that could be prompting more people to list health issues as their reason for leaving the labour market. Stephen Evans, from the Learning and Work Institute, points to tightened rules and sanctions for unemployment benefit, combined with a lower weekly payment, which can be a fraction of the top-level incapacity payout.

Eduin Latimer from the Institute for Fiscal Studies (IFS) agrees, noting that shifting from unemployment to the highest-rated incapacity benefit could roughly double a single person’s income. Though these rules are not new, the economic shock of the pandemic and cost-of-living pressures may be accelerating the trend, leaving more people in a category that offers neither financial disincentives nor strong support mechanisms for returning to work.

Once labelled too ill to work, claimants typically no longer receive substantial help from job centres, and there is little requirement to search for employment. Less than one in ten people in that category receive job-hunting support, according to Evans, and a mere 1pc of those deemed inactive through ill-health are back in work after six months.

The Lords’ economic affairs committee worries that “once in receipt of [health-related benefits], there is neither the incentive nor support to find and accept a job”. This pattern undermines not only the public finances but also the long-term prospects of individuals who may recover sufficiently to work again, yet never receive the guidance or confidence to attempt re-entry to the labour market.

Forecasters project that the annual price tag of the UK’s long-term sickness bill could exceed £100 billion by 2030, piling pressure on the Prime Minister to tackle the crisis. Experts agree there is no single explanation: some health indicators are deteriorating, but evidence linking waiting lists directly to the benefits surge is slim. The design of incapacity benefits, coupled with external shocks and personal motivations, appears to have created a perfect storm.

Stephen Evans offers a stark conclusion: “We’re writing far too many people off.” Resolving Britain’s sickness puzzle will likely require more nuanced reforms to the benefits system, improved mental health support, and a robust set of back-to-work programmes that offer real hope for those grappling with genuine illness — and genuine financial pressures.

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Record surge in long-term sickness claims baffles experts amid mounting benefits costs

Rachel Reeves, the Chancellor, has signalled that economic growth must take precedence over net zero goals, creating a likely rift with Energy Secretary Ed Miliband and senior Labour figures who remain opposed to expanding the UK’s biggest airports.

Speaking at the World Economic Forum in Davos, Reeves insisted that “the answer can’t always be no” to major infrastructure projects, as she outlined Treasury support for controversial plans to build a third runway at Heathrow and extend facilities at Gatwick and Luton. She argued that, after years of sluggish growth, “when we say growth is the number one mission of this Government, we mean it. That means it trumps other things.”

Her stance risks alienating party heavyweights such as Sir Sadiq Khan, Mayor of London, and Andy Burnham, Mayor of Greater Manchester, who are firmly against airport expansion. Miliband, who has long championed climate initiatives and previously opposed a new runway at Heathrow, has indicated that net zero is “unstoppable” but is moving “not fast enough.”

Reeves acknowledged the potential tension but criticised the approach of past administrations, which she said often allowed important economic opportunities to be derailed by local resistance and policy hesitancy. “Of course there are other things that matter,” she said, “but growth has to trump other considerations.”

Having already imposed £42 billion in tax rises last October to bring the public finances “under control,” Reeves sought to reassure businesses that she would not come back “for more” at the next fiscal statement. Emphasising her instinct “to have lower taxes, less regulation,” she was careful not to make firm promises on future tax cuts but stressed: “We’re never going to have to come back again and do a budget like that.”

Reeves also highlighted the departure of Marcus Bokkerink, chairman of the Competition and Markets Authority, as evidence of the Government’s determination to align regulators with a “pro-growth” agenda. Bokkerink’s successor, Douglas Gurr, the former UK boss of Amazon, is expected to reflect this priority.

To bolster innovation and attract talent in artificial intelligence, biotechnology and other high-growth sectors, Reeves revealed that ministers are “looking again” at the UK’s immigration rules. “Britain is open for business. We are open for talent,” she said, underlining the goal of making it easier for skilled workers to secure visas.

The Chancellor’s robust endorsement of growth over net zero arrives amid heightened pressure on the Government following a surge in gilt yields and renewed concerns about Britain’s economic outlook. Reeves is holding a series of meetings with business leaders and investors in Davos to rally support and promote the UK as a competitive global destination.

While her comments could energise the business community by promising a less onerous regulatory environment and fewer tax surprises, they may also deepen divisions within Labour and prompt environmental groups to mount fresh opposition to large-scale developments such as an expanded Heathrow.

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Reeves puts growth first in clash over net zero and Heathrow expansion

Meta, the parent company of Facebook, Instagram and WhatsApp, has sought to calm key advertisers following its decision to scrap third-party fact-checking in the United States.

Senior executives led by Nicola Mendelsohn, Meta’s head of global business, have held a series of meetings over recent days to address concerns about brand safety and content moderation.

Mark Zuckerberg, Meta’s founder, earlier this month announced an end to the platform’s long-standing US fact-checking partnership and signalled a new reliance on users to flag misinformation. Under the revised policy, the company will introduce “community notes”, mirroring an approach adopted by Elon Musk at X. Zuckerberg defended the shift during an eight-minute video statement, claiming that external fact-checking had led to “too many mistakes and too much censorship”.

Mendelsohn, speaking in Davos at the World Economic Forum, insisted Meta was not abandoning its commitment to brand safety. “There is no change. Absolutely no change. It is business as usual,” she said. She emphasised Meta’s deep investment in “suitability tools” that allow advertisers to avoid being placed next to political or socially sensitive content, adding that “Advertisers can choose where they do or they don’t want to place their ads.”

The move comes against a backdrop of shrinking advertising revenues at rival X, which experienced a steep decline from an estimated US$4.5 billion in 2022 to US$2.2 billion in 2023 amid controversy over Musk’s content moderation approach.

Mendelsohn framed Meta’s pivot as “moving back to our roots”, stressing that the platform’s original mission was to enable free expression and open debate. She played down the risk of brand damage, arguing that, while the company may be “moving faster” in its changes, it remains committed to its “core DNA”.

In addition to dropping US fact-checking, Zuckerberg announced plans to tweak algorithms to once again promote political posts, reversing a previous policy that had intentionally sidelined such content.

Separately, Meta disclosed that it would also be scrapping its diversity, equity and inclusion hiring policies, citing a “shifting legal and policy landscape” in a statement released ahead of Donald Trump’s presidential inauguration.

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Meta soothes ad giants with ‘community notes’ after US fact-checking overhaul

Rishi Sunak is set to embark on an academic chapter of his career after securing two high-profile posts at Oxford and Stanford universities.

The former prime minister announced he will be joining the Blavatnik School of Government’s “world leaders circle” in Oxford, as well as taking up a visiting fellowship at Stanford’s Hoover Institution in California.

Sunak, who studied philosophy, politics and economics at Oxford before completing an MBA at Stanford, remains Conservative MP for Richmond & Northallerton. He expressed enthusiasm for both roles, highlighting their focus on the critical economic and security challenges facing governments worldwide.

The former prime minister follows in the footsteps of Sir Tony Blair and Gordon Brown, who both took on academic positions in the United States after leaving Number 10. Sunak’s appointment at Oxford was welcomed by Lord Hague, the university’s chancellor, who praised Sunak’s “deep understanding of the challenges facing governments today”.

Condoleezza Rice, a former US secretary of state and director at the Hoover Institution, also emphasised the significance of Sunak’s role, underlining how his experience will help address key policy issues confronting democracies.

The Blavatnik School of Government has a track record of convening global leaders, including Iván Duque, the former Colombian president. The Hoover Institution, a respected policy think tank, counts George Osborne, Alexander Downer and John Bew among its distinguished visiting fellows.

Sunak’s transition to academic life marks his first official move since returning to the backbenches. The former prime minister has said he looks forward to using his insights from public office to inform cutting-edge research and policy debates in both the UK and the US.

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Rishi Sunak returns to alma mater with new Oxford and Stanford fellowships

Government borrowing surged by £3.2 billion above expectations in December, with the shortfall reaching £17.8 billion as rising public sector pay, inflation-linked benefits, and a one-off property purchase pushed spending to its highest December level in four years.

Official figures from the Office for National Statistics (ONS) revealed the spike in borrowing, up from £11.8 billion in November and outstripping the Office for Budget Responsibility’s (OBR) forecast of £14.6 billion. Higher staff wages, inflation-driven costs and increased benefits contributed to a £12.9 billion surge in public expenditure to £100.2 billion, while a £1.7 billion re-purchase of 36,000 military dwellings added further pressure to the public purse.

Market reaction to Britain’s fiscal strains was largely muted: the FTSE 100 rose by 0.34 per cent to 8,577.09, while the more domestically focused FTSE 250 gained 0.47 per cent to 20,692.02. The pound remained flat against the dollar at $1.235 and yields on 10-year UK government bonds edged down to 4.592 per cent.

Although December’s figures are the highest for that month since 2020, the ONS emphasised a pandemic-era parallel when emergency spending was similarly inflated. Analysts nevertheless cautioned that the latest borrowing overshoot is likely to constrain the chancellor, Rachel Reeves, who reaffirmed her fiscal rules — balancing day-to-day government spending with tax receipts and reducing debt as a share of GDP — during a Bloomberg event at the World Economic Forum in Davos, describing them as a “bedrock” for economic stability.

“Against a backdrop of slowing GDP growth and high interest rates, December’s overshoot in borrowing is further disappointing news for the chancellor,” said Alex Kerr, UK economist at Capital Economics. He noted that strong gilt yields would reduce Reeves’s flexibility, warning: “That combined with a weakening economy suggests that, in order to meet her fiscal rules, the chancellor may need to raise taxes and/or cut spending in the next fiscal statement on 26 March.”

In the nine months to December, government borrowing overshot the OBR’s target by £4.1 billion. The official forecaster will update its outlook on 26 March, with some observers suggesting that if borrowing costs remain elevated, further tax rises or spending cuts may be necessary to uphold the chancellor’s fiscal targets. Debt interest spending also came in higher than predicted at £8.3 billion last month, the third-highest December figure since records began in 1997.

Public sector net financial liabilities now equate to 84.5 per cent of GDP, up from 82.6 per cent a year earlier, while the government’s former debt metric, public sector net debt, stands at 97.2 per cent of national output. Reeves has already faced accusations she will need to implement austerity measures, but insists the government will not waver on meeting its fiscal mandates.

Darren Jones, chief secretary to the Treasury, vowed to maintain “an iron grip” on the public finances and root out “every line of government spending” during the forthcoming spending review. He stressed that “economic stability is vital” for delivering growth, echoing the government’s insistence that its fiscal stance is central to protecting Britain from global headwinds.

Bond markets have seen notable swings in the new year. UK gilt yields jumped earlier in January on concerns around sticky inflation, mirroring a sharp rise in US Treasury yields, before softening when inflation data proved weaker than anticipated at 2.5 per cent. The chancellor acknowledged that one week’s financial volatility would not derail the OBR’s forecast process, saying she would wait for the final projections before contemplating any policy changes.

Government tax receipts, meanwhile, rose by £2.3 billion over the year to £85.6 billion in December, lifted by buoyant corporation tax and income tax revenues. However, a two-point cut to personal national insurance contributions since March last year has curbed Social Security revenues by £2.1 billion. Reeves is set to raise employers’ national insurance contributions from 13.8 per cent to 15 per cent in April, a move designed to help fortify the public finances ahead of the chancellor’s next big fiscal showdown in March.

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UK borrowing overshoot stokes fears over fiscal rules

British venture capital house Fuel Ventures predicts a fresh wave of Chinese investment could be headed for the UK—potentially amounting to $33 billion—if Donald Trump’s second presidency prompts a steep decline in Chinese funding for the United States.

The firm’s projections follow a stark drop in Chinese investment during Trump’s first term, when flows to America fell by more than 80 per cent across two years.

Mark Pearson, founder of Fuel Ventures, says the UK’s dynamic tech sector and strong innovation track record make it a prime destination for displaced Chinese capital. “We predict around $33 billion is up for grabs from Chinese companies in the coming years, and the UK only stands to benefit,” Pearson explains, adding that interest has already risen as major Chinese investors reassess their exposure to the US.

Statistica figures show that Chinese investment in the United States plummeted by 36 per cent when Trump took office and tumbled a further 83 per cent the following year. Fuel Ventures projects that if these patterns repeat, Chinese inflows could slump from $28 billion in 2023 to just $10 billion in Trump’s first year back in office in 2025, before sliding to $3 billion thereafter.

Chinese investors’ long-held preference for UK education—fuelled by leading universities and secondary schools—further amplifies the UK’s allure, according to Jing Jing Xu, managing director at Fuel Ventures Asia. “Beyond education, the UK lifestyle and cultural ties to Europe make it a reliable, sophisticated gateway to Western markets,” she says.

She also notes that closer ties with Chinese officials—evidenced by a recent meeting with the deputy mayor of Beijing—signal enhanced collaboration opportunities. “We are forging deeper relationships with both the mayor and the Chinese government, highlighting the UK’s potential to deliver advanced technology and long-term growth,” Xu adds.

As the geopolitical landscape evolves, UK tech leaders hope these developments could position Britain as an increasingly attractive destination for international investors seeking a diversified portfolio away from the US.

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Trump presidency could divert $33 billion in Chinese investment to UK, claims VC firm

Former England football captain Bryan Robson has succeeded in most of his appeal against HMRC over alleged IR35 breaches relating to his work as a Global Ambassador for Manchester United between 2015/16 and 2020/21.

The First-tier Tax Tribunal upheld Robson’s challenge in four of the six disputed tax years, though found that part of his earnings from December 2019 to April 2021 should have been treated as deemed employment income.

The tribunal has ordered HMRC and Robson to determine which portion of those earnings stems from image rights, with the remainder subject to additional tax under IR35 rules. Robson’s case, dating back nearly a decade, highlights the complexities of the IR35 legislation, designed to establish whether individuals are effectively self-employed or should be treated as employees for tax purposes.

Dave Chaplin, CEO of IR35 Shield, an IR35 compliance firm, attended the hearing and said: “Robson is now a member of another unfortunate club, the ‘IR35 Decade Club’ of individuals who, due to the unworkable IR35 legislation, was left in a position of tax uncertainty almost 10 years after his services were provided.”

Chaplin noted the extensive legal and administrative costs of the four-day tribunal, suggesting that the final tax bill may not outweigh HMRC’s own expenses in pursuing the case.

Chaplin further criticised the off-payroll legislation that replaced the original IR35 framework, stating it burdens UK businesses and hinders growth.

“The Government and taxing authorities should be celebrating the entrepreneurial spirit of freelancers who simply want to be their own boss, not vilifying them…with damaging ideologically-led legislation which curbs their freedoms,” he said.

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Bryan Robson secures partial victory in IR35 dispute with HMRC

For the first time since 2022, The Royal Ballet School is holding its regional Winter Intensives in London, Manchester, and Edinburgh.

The non-selective Intensives will take place in February 2025 and are suitable for dancers of all abilities. There aren’t any auditions, and applicants can secure their places on a first-come-first-served basis.

Each Intensive lasts one day, designed to inspire participants with creativity and confidence in a short burst. The Winter Intensives are open to dancers who will be aged 9-14 on the day of their course.

Intensives In London, Manchester, and Edinburgh

Dancers in Manchester and Edinburgh will learn repertoire from Cinderella, exploring storytelling techniques and the ballet’s enchanting choreography. Dancers in London can take the same Intensive or one covering balance and pirouettes.

Intensives In London

Dancers will gather at The Royal Ballet School for the London Winter Intensives. Those who choose the balance and pirouettes Intensive will enjoy a different course to those studying the Cinderella repertoire.

The balance and pirouette Intensives for dancers aged 9-12 will take place on Thursday 20 and Friday 21 February. Dancers aged 13-14 should book the Friday Intensive.

The Cinderella Intensives for dancers aged 9-12 will also take place on Thursday 20 and Friday 21 February. However, dancers aged 13-14 should book the Thursday Intensive.

Both Intensives will begin with a warm-up and body awareness and conditioning session. Balance and pirouette dancers will then take a ballet class while Cinderella dancers take a class involving aspects of the fairytale ballet.

After lunch, balance and pirouette dancers will enjoy a focus class where they will learn to master turns and balance to improve their pirouettes. Meanwhile, Cinderella dancers will practise repertoire from Act II. Both courses will finish in the afternoon after a cool-down, reflection, and presentation of certificates.

Intensives In Edinburgh and Manchester

Those participating in the Edinburgh and Manchester Intensives will follow the same course material as those taking the London Cinderella Intensive.

Dancers will gather at Dance Base for the Edinburgh Winter Intensives. These will take place on Thursday 13 February for dancers aged 9-11 and on Friday 14 February for dancers aged 12-14.

Dancers will gather at Shockout Studios for the Manchester Winter Intensives. These will take place on Thursday 20 February for dancers aged 9-11 and on Friday 21 February for dancers aged 12-14.

Intensive Courses Hoodies and T-Shirts

Those signing up for the Winter Intensives may like to order official Intensive zip hoodies and T-shirts from the Royal Ballet School’s online shop. There is a detailed size guide available for both.

The black hoodies feature the School’s crest and “Intensive Courses” in white and pink on the reverse. The front features a small Royal Ballet School crest. The T-shirts come in the same design but are available in black or white.

Book A Winter Intensive

The course fee for the Winter Intensives is £156. Bookings are open until 31 January 2025 or until places are full.

Book your place on a 2025 Winter Intensive.

About The Royal Ballet School

Intensive Courses are one of several training opportunities at The Royal Ballet School. Other opportunities include the Associate Programme, Affiliate Training and Assessment Programme, International Scholars Programme, and Primary Steps. Those who cannot attend courses in person can also purchase Intensive Courses on Demand.

Meanwhile, the School’s full-time training programme accepts candidates based solely on talent and potential in classical ballet, musicality, and artistic expression. Currently, 88% of students rely on financial assistance to pursue their training.

A holistic academic, pastoral, and healthcare programme complements the dance curriculum, ensuring students are equipped for success on and off the stage.

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Bookings Open for The Royal Ballet School’s 2025 Regional Winter Intensives

Sales of “pocket money” toys under £10 boomed last year, as cost-conscious parents and adult collectors turned to cheaper playsets and mini-figurines to weather tough economic conditions.

According to new data from market research firm Circana, UK toy sales slipped 3.7 per cent to £3.4 billion in 2024, yet lower-priced items performed robustly, with 80 per cent of all toys sold costing under £15 and almost 30 per cent under £10.

The bestselling toy for a second year in a row was the Squishmallows plush range, typically priced below £9, illustrating how affordability has helped propel certain brands. Melissa Symonds, executive director for UK toys at Circana, says families have scaled back impulse purchases after years of rising living costs, boosting demand for “cuddly toys and collectibles” over costlier options.

Crucially, an expanding group of older toy enthusiasts—known as ‘kidults’, aged 12 and over—now accounts for nearly 30 per cent of UK toy sales. Their willingness to spend on pricier building sets, especially Lego’s advanced or licensed ranges, has helped offset some revenue declines. Sales of building sets rose by 6 per cent, aided by Lego’s Botanics range of floral-themed sets, which appeal to a growing adult demographic.

Across the board, demand for collectible toys continues unabated. One in five toys sold in 2024 was a collectible, with average prices at £7.59. Brands like Funko Pop! and Sylvanian Families have capitalised on Britons’ love of assembling entire sets, while licensed lines from hit films and TV series—such as Despicable Me and Bluey—are also on the rise.

Kerri Atherton, the head of public affairs at the British Toy & Hobby Association, highlights the surge in “micro collectibles”—toys under 5cm tall—driven by the popularity of Lego minifigures and Funko’s Bitty Pop! range. “We’ve seen plenty of excitement around these tiny toys that deliver both a high ‘cute factor’ and a low price tag,” she said, noting an 18 per cent rise in micro-collectible sales.

Despite a flurry of late-December sales, the UK toy market posted its fourth consecutive annual decline, reflecting a wider slump in retail sales volumes. Official data from the Office for National Statistics showed a 0.3 per cent month-on-month fall in December, a key shopping period.

“These figures have undoubtedly been shaped by the unsettled economic climate,” Atherton said, emphasising that inflationary pressures and cost-of-living challenges have rippled through discretionary categories such as toys. Nevertheless, robust performance in budget and collectible segments suggests that when it comes to playtime, British shoppers are simply scaling down rather than opting out.

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Pocket money toys see sales surge as parents and ‘kidults’ hunt for cheaper fun