Govt Advisers Call For Visa Auction

Government advisers have backed the idea of a UK visa auction, giving wealthy foreign investors the opportunity to settle in Britain.

The Migration Advisory Committee argue that the current set up, where migrants can gain residence by investing a minimum of £1m in the UK, does little for ordinary British citizens. They have called for a new system, within which the minimum investment would be raised to £2m, with auction slots available for a reserve price of £2.5m. Any surplus money raised from the auction would go to good causes in a scheme similar to the National Lottery.

It is understood that the investment scheme would allow for settlement rights only and not citizenship.

The committee's report highlights that they do not wish to see British passports being sold off but says that the current situation, with wealthy foreign investors buying gilts to qualify for entry, effectively meant they were loaning money to the government, rather that investing in the UK.


Related UK National News Stories
Click here for the latest headlines.

16 April 2014
Banksy Re-Appears In Bristol
Controversial street artist Banksy has re-appeared on Tuesday in his birth-city of Bristol, where a new artwork has been found in a plate bolted in an exterior wall of the struggling Broad Plain Boys' Club.
01 June 2012
NHS Trust fined £325K Following Major Data Breach
Brighton and Sussex University Hospitals NHS Trust has been served with a Civil Monetary Penalty (CMP) of £325,000 following a serious breach of the Data Protection Act (DPA), the Information Commissioner’s Office (ICO) said today. The fine is the highest issued by the ICO since it was granted the power to issue CMPs in April 2010.
30 September 2008
Police Investigate eBay Camera 'MI6 Photos'
Police are investigating the circumstances surrounding the sale of a digital camera on an internet auction site, which may have contained MI6 images of terror suspects.
24 January 2006
Whale's bones to go to Natural History Museum
The whale, which died in the River Thames at the weekend, is to be given to the Natural History Museum. The young female bottlenose whale made headlines around the world when she swam into the Thames last Friday. Hundreds of spectators gathered to witness the sight - no such animal had been spotted in the Thames since records began in 1913.
21 March 2013
4G Auction Boosts UK Public Finances
The 4G mobile licenses auction, alongside another payment from the central bank, have resulted in a boost the UK’s public finances, figures have shown. The Office for National Statistics (ONS) figures show the country's budget deficit is now at its lowest in five years.