To ask the Secretary of State for the Home Department, pursuant to the Answer of 30 June 2023 to Question 190790 on Visas: Foreign Investment in UK, for what reason her assessment of the impact of the assessment of the tier one investor visa scheme was different to that provided in the Answer of 7 June 2023 to Question 188255 on Visas: Foreign Investment in UK.
The question presented (190790) specifically asked for details as to what the poor economic outcomes of the Tier 1 (Investor) route were, which is why the reply of 30 June drew particular attention to the findings of the Migration Advisory Committee’s previous report into the operation of the route. That reply appears to have been incomplete and should have added that there is little evidence that this type of passive investment programme offers an effective model for delivering material value to the UK economy.
Notwithstanding the closure of the Tier 1 Investor visa, the UK retains a strong immigration visa offer that supports inward investment into the UK. We have a world leading offer to ensure that overseas businesses that wish to expand into the UK market and need to transfer key personnel in order to do so can obtain work visas for that purpose, this is the type of visa programme that really matters to those making serious and impactful investments in the UK, and the sort of programme that creates real jobs and opportunities for UK citizens and it is here therefore that this government has focused its efforts.