In a statement released on October 10, Tata Consultancy Services stated that it intends to increase employment in the UK by 5,000 over the next three years through its ongoing investment and talent development initiatives. Reaffirming its long-term connection with the UK, India’s largest IT services company announced the opening of an AI Experience Zone and Design Studio in London as part of its investment ambitions in the UK, the statement stated.
According to Vinay Singhvi, president of TCS’s UK and Ireland division, the UK is the company’s second-largest market worldwide, making it a key component of its global investment plan.
He added that in order to keep a competitive edge in artificial intelligence and emerging technologies, the AI Experience Zone will also support innovation through partnerships with companies across the United Kingdom. TCS is also investing in people, innovation, and skills in all four countries as it continues to grow its presence throughout the UK.
Tata-UK a 50 Year Old Partnership
With 42,000 direct and indirect jobs over the years, the Tata Group company claimed to have a 50-year collaboration with UK companies, spearheading their digital transformation and fostering talent development.
The AI Experience Zone and London Design Studio, according to the business, are a “reimagination” of its flagship PacePort facility and are anticipated to be crucial in promoting client collaboration and creativity throughout the United Kingdom. TCS built a studio in New York in September, and this London location is its second.
UK’s Investment Minister Applauding TCS’ Efforts
The UK’s investment minister, Jason Stockwood, expressed his excitement in seeing Tata Consultancy Services’ (TCS) technological innovation up close at their Mumbai site. The Tata Group has demonstrated leadership in philanthropy and entrepreneurship for almost 150 years.
Stockwood further mentioned that as TCS and the UK commemorate a historic prime ministerial visit to India, they have reiterated the two economies’ commitment to maximising the trade agreement they struck in July. The Tata Group, a valued investor in the UK, and its businesses, such as TCS, are essential to this goal, which will eventually result in job creation, financial gain, and economic expansion for both nations.
Quick Shots
•TCS
to create 5,000 new jobs in the UK over the next three years as part of its
talent development and investment plans.
•AI
Experience Zone and London Design Studio inaugurated to drive innovation and
client collaboration.
•UK
is TCS’s second-largest market globally, according to Vinay Singhvi,
President, UK & Ireland division.
•AI
Experience Zone will foster partnerships with UK companies and support
emerging technology development.
•Tata-UK
partnership spans 50 years, contributing to 42,000 direct and indirect jobs.
•London studio is a reimagination of
the PacePort facility, following a similar studio launch in New York.
As the government looks to improve relations with the UK, India is thinking of settling its long-standing demand for billions of dollars in past-due fees from Vodafone Group Plc’s struggling local business once and for all, according to people familiar with the situation.
As per various media reports, a compromise on the principle and a waiver of interest and penalties might resolve the financial issue worth around 2 trillion rupees ($22.5 billion). According to the reports, officials are working on the framework and considering ways to make sure that any agreement won’t lead to legal challenges from other telecom companies that owe money.
Vodafone Idea Ltd. has been plagued by the arrears and hasn’t posted a quarterly profit since 2016. According to the people, a settlement might open the door for the third-largest telecom provider in India to draw in new investors.
Free Trade Agreement Between India and UK
New Delhi will especially profit from strengthening connections between the UK and India, which just inked a free trade agreement, at a time when ties with the US have worsened following President Donald Trump’s return to the White House. The argument for giving priority to already-thriving partnerships is further supported by the fact that attempts to restore relations with neighbouring China are barely getting started.
Reports further stated that the endeavour is even more urgent because British Prime Minister Keir Starmer is expected to visit India this week. The local branch of the British company and Idea Cellular Ltd., owned by billionaire Kumar Mangalam Birla, merged to establish Vodafone Idea.
By strengthening the UK’s position as a partner, its revival would benefit India internationally and assist in maintaining competition in the nation’s telecom industry.
Indian Government’s Strong Support to Vodafone
Through a debt-to-equity swap this year, the Indian government acquired a 49% stake in Vodafone Idea and has openly recognised the need for a solution. Last month, a government lawyer informed the Supreme Court that since public funds are already invested in the carrier, “some solution may be required.”
India’s yearly adjusted gross revenue (AGR), of which a portion is paid in licence and spectrum fees, is the subject of the dispute. Even though telecom companies have been contesting the approach for years, if the government changes its position, the court might be more accommodating this time.
Since the Tata Group’s wireless carrier and Sunil Mittal’s Bharti Airtel Ltd. have also been requesting relief, officials will undoubtedly need to make sure that all telecom operators receive equitable treatment during the AGR relief process. To ensure that Vodafone Idea isn’t given an unfair edge over competitors, one idea being discussed is to ask all operators to offer revival plans in exchange for any concessions.
Quick Shots
•India considers settling Vodafone
dues dispute worth ₹2 trillion ($22.5 billion) to strengthen ties with the
UK.
•Possible settlement could include
waiver of interest and penalties to resolve the long-standing AGR issue.
•Vodafone Idea, India’s
third-largest telecom operator, hasn’t posted a profit since 2016.
•Move comes ahead of UK PM Keir
Starmer’s visit to India this week.
After nearly nine years, Emma Walmsley, the CEO of GSK Plc, is leaving her position. Luke Miels, the chief commercial officer of the British pharmaceutical company, will take over as CEO. After working for other large European pharmaceutical companies, Miels joined GSK in 2017 and is now in charge of the company’s international pharmaceutical and vaccine division. In an effort to revitalise the company’s oncology division, the commercial leader has sought to expand the company’s medicine portfolio.
Walmsley’s Performance at GSK Plc
Walmsley’s departure will result in the resignation of one of the most prominent female CEOs in the global pharma industry and British business. According to a statement released by GSK on September 29, the change is scheduled to go into effect on January 1.
Miels was appointed after a succession planning process that took into account both internal and external candidates. In addition to leading the company through the pandemic, Walmsley oversaw the launch of an RSV vaccine and the division of GSK’s consumer division into Haleon Plc. However, sluggish vaccination sales and worries over GSK’s new therapeutic pipeline have disappointed investors.
Because investors are still worried about the company’s pipeline and the lack of potential blockbusters among the few medications in development, the shares have dropped roughly 11% during Walmsley’s leadership. As President Donald Trump presses through his tariff proposals and pressures pharmaceutical companies to more closely align their prices in the US and other markets, GSK has committed to investing $30 billion in the US over the next five years.
Who isLuke Miels New CEO of GSK
Since joining GSK in 2017, Luke has served as Chief Commercial Officer, overseeing global pharmaceutical and vaccine operations. He has played a key role in expanding GSK’s line of speciality medications, particularly in the fields of respiratory and oncology.
Before joining GSK, Luke held top positions at AstraZeneca, Roche, and Sanofi-Aventis in the US, Europe, and Asia. He is a well-respected and seasoned global biopharma leader. Because of his background and noteworthy contributions to GSK, he is ideally suited to manage the business and provide the patient and shareholder value that is key to its long-term goals.
Jonathan Symonds CBE, Chair of GSK, said, “I am delighted to announce that Luke will be the next CEO of GSK. He has outstanding global biopharma development and commercial experience, together with a deep understanding of the company, its prospects and its people. He is extremely well placed to lead, deliver and surpass the ambitions we have set for GSK, and to generate new growth and value for patients and shareholders.”
Quick
Shots
•Walmsley navigated the company
through the pandemic.
•Miels joined GSK in 2017 as Chief
Commercial Officer.
•Miels heads global pharma and vaccine
operations, focusing on respiratory and oncology medicines.
•GSK committed to $30 billion US
investment over 5 years, aiming for patient and shareholder value growth.
The UK government will support Jaguar Land Rover with a £1.5 billion ($2 billion) loan to alleviate the burden on suppliers caused by the automaker’s production stop, which was brought on by a cyberattack.
The government announced on 27 September that the loan, which will be given by a commercial bank and insured by UK Export Finance, will be paid back over a period of five years. It comes after the attack earlier this month caused the Range Rover manufacturer to shut down operations in Slovakia, Brazil, India, and the UK, disrupting the larger supply chain.
The Labour government was in negotiations to provide assistance to vendors affected by the hack, which compelled some to send employees home while others awaited JLR’s payments. The biggest automaker in the UK has 34,000 employees, and its supply chain supports an additional 120,000 jobs in the nation.
Providing a Side of Relief to Prime Minister Keir Starmer’s Government
In addition to helping the car industry, this move will also assist in relieving some of the strain on Prime Minister Keir Starmer’s administration before his ruling Labour Party begins its annual conference in Liverpool on September 28.
This loan guarantee would assist in strengthening the supply chain and protecting skilled jobs in the West Midlands, Merseyside, and throughout the United Kingdom, according to Business Secretary Peter Kyle, who visited the automaker’s headquarters and supplier Webasto this week.
In order to clear a backlog of supplier invoices, expedite the delivery of parts to dealers, and expedite vehicle sales and registrations, JLR announced on 25 September that some of its systems were back online. Although it has warned that it may take some time to get back to full speed, the company plans to resume certain manufacturing operations on October 1.
JLR Already Started the Recovery System
Restarting a small number of its computer systems is the first step in Jaguar Land Rover’s recovery process following a hack. A gradual recovery procedure is also in progress, according to the manufacturer, weeks after the cyberattack compelled the automaker to halt production at all of its UK operations.
After media reports indicated that JLR would have to pay up to 2 billion pounds since it was not insured against the catastrophe, which has already caused significant financial losses and delayed operations, the company released a statement in response to a request for clarification from BSE.
According to the announcement, JLR has notified its suppliers, retail partners, and coworkers that certain areas of its digital estate are now operational as part of the controlled, phased relaunch of its business. Its recovery programme’s foundational work is already under way.
Quick
Shots
•Jaguar Land Rover (JLR) secures a
£1.5 billion ($2 billion) government-backed loan to stabilise operations
after a major cyberattack.
•The loan, provided by a commercial
bank and insured by UK Export Finance, will be repaid over five years.
•Cyberattack incident forced
production shutdowns in the UK, Slovakia, Brazil, and India, severely
disrupting the supply chain.
•Funding aims to clear invoice
backlogs, support vendors, and accelerate parts deliveries to dealerships.
A trade deal worth an estimated £6 billion was signed by Keir Starmer and his Indian counterpart, Narendra Modi. The UK prime minister hailed the momentous accord as a “historic day” for Britain and India.
Following more than three years of negotiations, the trade agreement will significantly lower tariffs on automobiles and whisky sent by British companies to India in exchange for Britain opening up its labour market to Indian workers.
The bilateral agreement, which will reduce the average tax on Indian imports from Britain from 15% to 3%, is regarded as one of the most beneficial of its kind to the UK economy. It is anticipated that the agreement will eventually increase bilateral trade between the two nations by £25.5 billion annually.
Key Terms of the UK-India Trade Agreement
The agreement, which was first announced in May, will reduce about 90% of all tariffs on UK-made goods transported to India, and within ten years, 85% of tariff lines will have no trade duties at all. UK-made whisky and gin import duties will be cut in half, to 75%, right away, and then reduced to 40% over the course of the following ten years.
In a similar vein, British automakers will have their export duties reduced from 110% to 10% over the same time period. However, similar to the UK’s previous trade agreement with the US, quotas will be imposed to limit the quantity of cars eligible for the reduced tax. Starmer praised the agreement as potentially having “huge benefits to both of our countries” during a press conference held at Chequers, the prime minister’s opulent country home.
He added, “The UK-India deal is now signed, sealed, and ready to be delivered.” “I’m really pleased and privileged to welcome you here today on what I consider to be a historic day for both of our countries and the delivery of the commitment that we made to each other,” he said.
Labour Mobility and Payroll Tax Controversy
However, political rivals have cautioned that a deal to eliminate employer national insurance for Indian employees in the UK and vice versa runs the risk of undercutting British employees and eroding any financial gains.
The agreement will exempt British companies from paying payroll taxes on Indian employees who transfer within the UK, raising concerns that, in light of the April increase in UK national insurance, hiring Indian employees would be more desirable than hiring UK employees.
Financial Sector Left Out of Trade Gains
Although both nations committed to keep working to reduce economic barriers to the city’s linkages with the quickly expanding Indian economy, the accord has also come under fire for failing to make any headway in the UK’s world-class financial and professional services industries.
“This isn’t just paving the way for economic partnership but also a blueprint for our shared prosperity,” Modi remarked as he stood next to Starmer. The agreement marked “the dawn of a new golden era in the relationship between these two vibrant nations,” according to Amarjit Singh, founder and CEO of the India Business Group.
“This partnership goes beyond conventional ideas of trade in today’s more interconnected yet complex global landscape; it embodies a collaborative effort to shape a sustainable and prosperous future together,” he continued. “It is now the business community’s responsibility to take advantage of these opportunities and implement the framework in tangible ways.”
Hero MotoCorp, an Indian company, is planning to make its debut in developed markets by introducing electric scooters operating under the Vida brand. As per the company’s plan, it will launch its brand in the UK, France, and Spain by middle of 2025. Hero is making its first foray into the markets of the UK and Europe with the intention of capitalizing on the rising demand for electric vehicles in these regions.
The action, which coincides with ongoing discussions between India and the United Kingdom regarding a free trade agreement, has the potential to reduce tariffs in the automobile industry, thereby giving additional prospects for growth.
Niranjan Gupta, the chief executive officer of Hero, was quoted by a media outlet as saying that the strong customer mood in these regions towards their electric scooters was underlined. In order to successfully manage the transition towards electric transportation, the corporation, which is already a key participant in Asia, Africa, and Latin America, intends to capitalize on this kind of enthusiasm.
However, analysts feel that in order for Hero to achieve success in these developed regions, it will be necessary for the company to provide products that are more expensive and premium. This is a market sector in which Hero has not yet established a solid presence.
An Alliance Between Hero and Harley-Davidson
Due to Hero’s existing collaboration with Harley-Davidson, the company is able to manufacture motorcycles for the Indian market that are associated with the legendary brand. As the existing relationship between the two companies is only confined to India, Gupta pointed out that the expansion of Harley-Davidson’s shipments to the United Kingdom would be contingent on future agreements with the Milwaukee-based company.
The expansion of the company into Europe comes at a time when India’s vehicle emission rules, which were upgraded in 2020, are now in compliance with worldwide laws, which opens up new opportunities for Indian manufacturers. The imposition of higher tariffs on Chinese imports has opened up new opportunities for Indian manufacturers such as Hero to sell their products in developed countries. However, Hero will have the issue of successfully presenting its luxury motorcycles alongside its electric scooters in areas that are accustomed to higher-end models. This will be a challenge for Hero because it will be difficult to navigate the competitive landscape.
Hero Motocorp’s Sales Report Card of August 2024
For the month of August 2024, Hero MotoCorp announced sales of 512,360 units, which is a month-on-month increase of 38 percent. Year-to-date sales for the automobile manufacturer have increased by 8% when compared to the same period in the previous year. During the month of August 2024, other automotive manufacturers, on the other hand, had a decreasing trend.
The total number of vehicles sold by Tata Motors was 71,693 less than the 78,010 units that were sold in August 2023. This is an 8.1% decrease in overall sales. In a similar vein, Maruti Suzuki, another significant player in the automobile industry in India, saw a decrease in overall sales of 4% compared to the previous year.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by InXpress.
Courier companies play a big role in helping us get our goods to our doorstep. With the increase in online shopping, shipping and courier companies are also growing like anything. They are highly useful as it allows for the transport of items of various categories that need to be delivered either urgently, or discreetly.
Founded in 1999, the famous courier service company called InXpress was started by John Thompson in the UK. The company was started to provide world-class courier services across the globe.
InXpress is an international shipping and freight consultancy business as well as a DHL, TNT, and TOLL-authorised sales partner.
The company has been developing its franchise idea since 1999. With its determination to consistent expansion, it has become one of the world’s leading franchisers of international fast package delivery and transportation services.
InXpress’s worldwide and domestic Express & Freight services are available throughout the United States, Asia Pacific, the United Kingdom, Africa, and Europe. InXpress provides its SME customers with unique international and domestic shipping options, as well as special bulk purchasing rates combined with new technological solutions and truly individualized customer care and invoicing. It also has a special purchasing power, which gives SMEs a significant competitive edge in receiving the best online shipping estimates, which are generally reserved for huge enterprises. The company has over 440 franchisees in 14 countries, as well as 30,000 clients.
InXpress – Industry details
Courier services these days have indeed become an inseparable part of every business. With this demand, the Freight Transport Management Market is estimated to grow at a 9.8% CAGR during the forecast period (2021-2027).
InXpress – Founder and Team
InXpress is founded by John Thompson in 1999.
John Thompson
John Thompson was born in Ireland in 1949. He and his family went to England when he was a young man, where he completed his schooling.
John Thompson studied Mechanical engineering at Oldham College. He currently serves as the CEO of InXpress. John has worked in companies like Feature Films for Families (FFFF) and Express Worldwide as Managing Director.
InXpress – Startup Story
It was in 1999 when InXpress was founded in Rochdale, England. Founder John Thompson started the company in his bedroom in Rochdale. The company entered the US market in 2006, shortly followed by Australia and New Zealand.
Today, InXpress is present in 14 countries including Australia, Canada, France, Germany, Hong Kong, India, South Korea, Morocco, Netherlands, New Zealand, South Africa, the United Kingdom, United States, and Vietnam. It has over 440 franchisees with more than 30,000 customers.
InXpress – Mission and Vision
The vision statement of InXpress is, “It finds a way forward for each customer.”
InXpress’s mission statement is, “To help companies simplify shipping through personalized service and group buying power”
InXpress – Name, Tagline, Logo
InXpress’s tagline is, “Your Promise.Our Business.Fast, reliable, competitive.”
InXpress – Business & Revenue Model
InXpress’s business operates as a B2B consultative sales franchise model. It has business operations spread over 500 franchisees.
InXpresse’s franchisees work like consultative salesmen, offering small-to-medium-sized businesses large shipping discounts and local support while earning money on every cargo ship. Most franchisees begin as owner-operators from their homes and subsequently develop their businesses by relocating into flex office space and hiring a small sales/customer service crew. To enable franchisees to focus entirely on developing their business, the InXpress corporate support team handles all back-office accounting, including payments, invoicing, billing, and collections.
In the United States, InXpress is the only logistics provider with Authorized Reseller relationships with DHL, and other trucking freight companies. To provide a wide range of shipping alternatives, InXpress maintains arrangements with the best-in-class international and domestic parcel and freight carriers.
The article is contributed by Gayatri Panda, Business Partner, Themis Technologies Ltd., London.
The UK tech industry is now worth $1 trillion, making it the world’s third largest behind the United States and China. The UK tech startups and scaleups are receiving more investments than ever before, such as £29.4 billion in 2021; as a result, tech hiring activities within the UK organisations have skyrocketed. According to the statistics, the number of advertised IT jobs is up 42% compared to pre-pandemic levels. As the talent competition is getting fierce globally, the UK is joining the worldwide hunt for talents with a world-leading migration system. So what are the immigration routes for international technology talent to join the UK’s thriving tech sector?
A visa sponsorship means that an organisation, also known as the sponsor, is providing you a job because they are unable to fill a position in the local market. The sponsor is also legally and financially responsible for you and your activities throughout your stay in the country and must report to the UK government. There are various types of sponsored visas;
Skilled Worker Visa
A Skilled Worker visa allows foreign nationals to enter or remain in the UK to work for an authorised company in an eligible job. The Tier 2 (General) work visa was replaced by this visa route. To be eligible for a Skilled Worker visa, you must have a job offer from a UK company with appropriate salary level. After five years of stay in the UK, the Skilled Worker route can lead to Indefinite Leave to Remain (ILR) and eventually British Citizenship or British Passport.
Global Business Mobility Visa
It’s a new sponsored work visa option for international companies wanting to temporarily relocate employees to the UK to establish a UK presence or for specific commercial purposes. The introduction of the new route corresponds with the end of the Sole Representative visa and Intra Company Transfer or known as the ICT visa.
There are five subcategories in the Global Business Mobility route:
Senior or Specialist Worker: This visa has taken the position of the Intra-company Transfer visa. This category is for senior managers or specialists assigned to a UK company affiliated with their employer. It will not result in a settlement in the United Kingdom.
Graduate Trainee: The Graduate Trainee route replaces the Intra-Company Graduate Trainee Visa. This visa is intended for employees who are being relocated to the UK as part of a structured graduate training programme for a managerial or speciality post. You must have worked for your employer overseas for at least three months prior to the date of application. Graduate trainees will be paid at least £23,100 per year as a minimum wage. It does not directly lead to settlement in the UK. However, you may be able to change your immigration status to one that leads to permanent residence.
UK Expansion Worker: The UK Expansion Worker visa, which supersedes the Sole Representative visa, allows senior or specialised employees to enter the UK for a short length of time to carry out work related to their company’s expansion ambitions in the UK. It does not directly lead to settlement in the UK. However, you may be able to change your immigration status to one that leads to permanent residence.
SCALEUP VISA
The Scale-up visa is a newly introduced sponsored work visa that will become available on August 22, 2022. The sponsoring employer must be a scaleup firm in the United Kingdom, with annualised turnover or staffing growth of at least 20% for the three years preceding the application and a minimum of 10 employees at the commencement of the three-year period.
You need a sponsorship from a scaleup company and you must work full-time for the company in any position for 6 months. So, after just 6 months of being linked to a single company, you will be free to work in the UK in any employment of your choice. Nevertheless, the job must also meet specific standards, such as having a skill level of at least degree level (RQF level 6) and paying a minimum wage of £33,000 or the market rate for the position, whichever is higher.
After 5 years of continuous residency, you will be able to apply for settlement (indefinite leave to remain). You must have earned at least £33,000 (PAYE) in at least two of the three years preceding your ILR application.
One of the ways the UK government believes Britain can attract high-quality migration is by implementing independent elite visa routes.
High Potential Individual Visa
The government’s attempt to attract the world’s “brightest and best” into the UK economy incorporates the High Potential Individual visa. It is scheduled to open on May 30, 2022. The High Potential Individual visa is intended for international graduates with a bachelor’s, postgraduate or PhD degree within the last 5 years from a university outside the United Kingdom that is listed in the top 50 global universities ranking. Graduates with a bachelor’s or master’s degree can stay in the UK for up to two years, or up to three years if they have a PhD. It does not lead to permanent residence in the United Kingdom, visa holders can move to another UK visa option, such as the Skilled Worker visa.
Global Talent Visa
This visa is for globally recognised world leaders or promising individuals in Science and Medicine, Engineering, Humanities, Digital Technology, Arts and Culture, and Research. This visa provides absolute freedom and greater flexibility regarding work, location, remuneration, leave and engagement with organisations. You can join a company or start your business without any restriction. This results in a settlement after 3 years if you are a leader applicant or 5 years if you are a promising candidate. The UK govt has appointed Endorsement Bodies for above mentioned fields, you need to make an application along with proof of your past achievements and future plan in line with the government guideline. Upon successful approval, you can apply for immigration.
Startup Visa
The Startup visa category is for high-potential entrepreneurs looking to establish their business in the United Kingdom. To qualify, you need a new, innovative, viable and scalable business idea that is endorsed by a UK govt appointed endorsing body. The Startup visa is valid for a maximum of two years, after which you can switch to the Innovator Visa.
Innovator Visa
The Innovator Visa is for experienced business individuals who want to start a company in the United Kingdom. You must have a new, innovative, viable and scalable business idea that is endorsed by a UK govt appointed endorsing body and you are ready to invest £50,000 to your business. Under the Innovator Visa you are eligible to apply for ILR after 3 years.
Conclusion
The United Kingdom recognises migrants as one of the most efficient means to encourage the development and investments in viable, innovative, and scalable businesses in the United Kingdom in order to drive economic growth. The UK government has done everything possible to remove barriers to innovation and business expansion, resulting in a 31% increase in the number of technology firms in the UK private sector since 2010. With this fast and easy visa support, a favourable tax regime, stable and democratic political system, strong and respected system of law and a strengthening British Pound also known as safe haven currency, the UK is becoming the home for technology experts and digital innovators globally.
This article is contributed by Mr. Yash Dubal, Director, A Y & J Solicitors.
When the UK voted to leave the European Union in a national referendum in 2016 one of the defining issues that led to the leave vote was immigration. One of the conditions of membership of the European Union was the free movement of people across all borders. In effect, this meant a pattern of movement from poorer nation-states in the East of the bloc, to the richer states in the West and North. Great Britain saw an uncontrolled influx of migrants, mainly from nations such as Poland and Romania, and many people worried that these hard-working people were driving down wages and out-competing domestic workers. Brexit – the process of leaving the EU- effectively returned full control of immigration back to the UK government.
On January 1 this year the government introduced a new points-based immigration system which included several new visa routes. The system does not include any routes for migrant workers classed as low-skilled. Instead, the political aim is to attract ‘the brightest and best’ workers from around the world. The new routes have a particular emphasis on workers in technology, IT, fintech, science, engineering, and research and are designed to encourage investment. The aim is to lure skilled people to the UK and to attract investment from successful startups wishing to expand into the British market.
The new immigration regime in the UK is designed to make it easier for the ‘brightest and best’ from the rest of the world to invest in and work in the UK.
It is fair to say that the policy has not gone entirely to plan. Brexit and the pandemic led to an exodus of workers returning to their home nations in Europe. The result has been acute shortages of personnel in several key industries including care, hospitality, and logistics. Short-term visas to fill certain vacancies have been introduced. Additionally, reports this week show that zero applications have been made for one of the new headline-grabbing visa routes. The fast-track route for award-winners in science, engineering, the humanities, and medicine received no applications.
While these teething problems are undoubtedly embarrassing for British politicians, they are good news for Indian startups wishing to expand and invest in the UK. For example, startups from outside the EU wishing to expand into Britain will now be playing on a level playing field. There is no longer an inherent bias towards European businesses. Everyone is welcome and the same rules apply to all.
Those startups that do set up branches and subsidiaries in the UK will find a fertile environment. The British SME economy is booming. According to the UK Federation of Small Businesses, at the start of 2021, there were 5.5 million small businesses in the UK, making 99.2% of the total business. SMEs account for 99.9% of the business population employing 16.3 million people, or 61% of the working population. The combined UK SME turnover was estimated at £2.3 trillion. The legislative, investment, and logistical frameworks within the UK encourage start-ups and contribute to the success of this sector.
UK internationalist political will is geared towards cross-border links and investment in trade and commerce. As a result of Brexit, the UK is on a global mission to make new trade deals with other countries. One of its key targets is India. The British government is eager to build business and trade links with India, with a view to signing a free trade agreement, and, over the past year has already signed a raft of agreements and joint initiatives covering sectors such as hydrogen energy and green energy grids. There are already strong historic and cultural links between the two nations and the UK government is intent on cementing these links further. There is also a large, well-established community of Indian ex-pat business owners already established in the UK with many examples of Indian businesses recently investing and expanding successfully in the UK.
One of the key routes Indian start-ups are eligible to take when expanding into the UK is via the Sole Representative visa. This visa route allows a senior representative of an Indian business to locate in the UK for the purposes of establishing a satellite office, branch, or subsidiary of the parent company. There are criteria that need to be met in order to qualify for this visa route and I would urge any business considering expansion into the UK to seek professional legal advice on immigration and visa legislation, which will save time and money and maximize the chances of success.
Once all the correct paperwork is in place and the move is made, however, the rewards are great.
The moment we hear the word Royal, the first thing that comes to our minds is huge Fortune. Our minds automatically create a picture of palaces, King and Queen in precious jewellery, and tons of money.
When we hear the term ‘Royal Family’, the first one to come to our mind is the Royal family of the UK. They are no doubt the most popular royalties in the world.
The British Royals are wealthy. Looking at the family’s palace, properties, staff members, and lifestyle, we cannot help but wonder what is the source of their money?
At present, Queen Elizabeth II is the head of the state of the United Kingdom. The queen’s father King George VI died in 1952 and she has been a monarch since then.
The family consists of the Queen, her 4 children, grandchildren, and great-grandchildren. Queen’s late husband Prince Philip, Duke of Edinburgh was also a member of the Royal family.
The other important family members include:
Prince Charles, Queen Elizabeth’s eldest son. After the Queen, he will get the throne as the King.
Prince William, the firstborn of Prince Charles. He will be the next successor in line after Prince Charles.
Prince Harry, the second son of Diana and Charles. Last year, however, Harry and his wife Meghan Markle, stepped down as the Senior Royals. Even though they live independently, Harry being born in royalty is still a Prince.
The Monarch’s Relationship with the Parliament
In the United Kingdom’s Parliament, there is the House of Commons, House of Lords, and the Monarch (the Queen, at present).
The Queen enjoys the power of Royal Assent in the Parliament. To pass a bill in the parliament, it is approved by both the House of Commons and the House of Lords. After that, the bill goes to the Queen for final approval.
This approval is the Royal Assent which converts a bill into Parliament’s Act. She invites the leader of the winning party to form a government and become the Prime Minister. She also plays an important role in the case of the dissolution of the Parliament.
Today, but the constitutional role of the monarchy in the parliament has been reduced to a certain extent. It is now more of a ceremonial role.
What are the Sources of Income for the Royal Family?
The following are the sources of how the British Royal Family makes money:
The Sovereign Grant:
The first and the most significant source of income for the Crown in the UK is the Sovereign Grant. The monarch has official duties and for that, the government pays this grant.
The Crown Estate in the United Kingdom belongs to the throne. It means it belongs to the monarch during their time on the throne. A monarch has no power to sell the estate. It is not their private property. It is neither owned by the monarch nor the government.
The Crown Estate is super valuable that helps to generate revenue. A percentage of profits of this revenue makes for the Sovereign Grant. It is like an annual income for the monarchy.
This grant covers the expenses of the monarch’s official duties. This includes security expenditure, press meetings, basic maintenance, and travel.
The Treasure of the Royal Collection
Queen’s Crown
It is one of the most significant and enormous art collections in the whole world. It consists of more than a million objects. Various vintage objects are ranging from fine to decorative art. This collection is living proof of the personal taste of various kings and queens over the years.
Buckingham Palace Exhibition
The Royal Collection gets maintained under the queen as a Sovereign. This collection helps in the generation of a lot of money. The items under the collection are given on loan to various museums. For this, there are annual visitors. All this makes a source of money for the monarch.
However, this trust income is not profitable for the royals. A major amount of this income goes into the maintenance of the queen’s public residences. Also, the artwork and jewels of the crown require maintenance expenses.
The Duchies
The Duchies are the properties and financial investments of the royals. It refers to their private estate. There are two royal duchies in England.
The Duchy of Lancaster, owned by Queen Elizabeth II. The second, the Duchy of Cornwall functions under the Duke of Cornwall. Prince Charles heads and enjoys the privilege of this private estate.
Duchy of Cornwall
These private estates are separate from the crown properties. The revenue generated by these is for the royals and their family’s private and public activities.
Inheritance
Inheritance and blood are what makes for a royal family. The members of the royal family also generate income from their inherited properties.
For example- The queen has her income sources under the Duchy of Lancaster. It was inherited by the queen from her father King George VI.
In the same way, Prince Charles gets his income from the Duchy of Cornwall. Prince William and Harry are also entitled to the revenue of this Duchy.
Prince Harry and William have also inherited money from their late mother, Princess Diana.
Princess Diana
Apart from the crown properties, the royal family has their investments. Even the queen has her investments which are not revealed in public.
Prince Harry and Meghan- No Longer Entitled to Royal Wealth
Harry and Meghan Markle in America
In January 2020, Harry and Meghan decided to step down as the Senior Royals. They decided to shift to North America and be financially independent.
In an interview with Oprah Winfrey, Harry revealed when he left, he got cut off from any financial help from the royals. He shared that he was grateful for the money inherited from his mother, Diana. This money proved to be helpful in his journey to new life.
Harry and Meghan are using their wealth to work further. Thus, maintaining their decision of being independent.
Conclusion
The royal family holds great importance among the people of the UK. The power is shared between the government and the crown. The queen has official duties and ceremonial powers that make her role important.
The royals of the UK get money from both public as well private sources. Thus, the royal family has various sources of money to enjoy their status as royalty.
FAQs
How much do British taxpayers pay to the Royal Family?
As per the latest Sovereign Grant the taxpayers are paying nearly $96.28 million.
How much is Buckingham Palace worth?
Buckingham Palace is worth an estimated $4.9 billion.
How many properties do the royal family own?
The British Royal Family owns 20 properties in the UK.
