In contrast to the much-publicised Government policy on curbing the number of asylum applications, there is little media coverage on the positive changes that have been made to encourage foreign entrepreneurs to move to the UK. Various initiatives during the past five years to attract skilled foreign nationals have been made against a backdrop of a declining European workforce, which is estimated to fall significantly in the next 10 years, with over-65s accounting for more than 22% of the population by 2025 leading to a chronic skill shortage. While some initiatives have been less successful than others, the Government should be applauded for its determination to find new ways of attracting entrepreneurs.
In common with other countries, the Government was originally prompted into action by the dotcom boom in 1999 and early 2000. There was concern that the UK was missing out on younger entrepreneurs, who were often fresh from business school and had innovative business plans and financial backing. In July 2000 the Home Office launched the innovator category, designed to attract those in the high technology sector.
