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Young Professionals Leaving UK for Southern Europe, Revolut Co-Founder Warns

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Young professionals are increasingly choosing to leave the UK for sunnier climates and more favorable tax regimes in Southern Europe, according to Vlad Yatsenko, the billionaire co-founder of digital banking giant Revolut. This trend, he warns, could undermine Britain’s position as a global hub for talent, particularly in the competitive fintech sector.

Yatsenko, who co-founded Revolut in 2015, noted that many of the company’s employees are now using remote work options to relocate abroad. “The UK competes with Southern Europe now,” he said, adding that younger professionals who once flocked to London for career opportunities are now drawn to countries like Portugal and Italy, attracted by lower taxes, better financial incentives, and a desirable lifestyle.

Portugal, in particular, has become a hotspot for start-ups, with tax breaks designed to attract foreign talent and retain its own young workforce. Italy, meanwhile, has seen a surge in early-stage tech investments, with funding reaching $2 billion (£1.8 billion) in 2023. These developments have made Southern Europe an increasingly attractive alternative to the UK.

Yatsenko, originally from Ukraine and now based in London, urged the UK government to take proactive steps to retain talent. He pointed out that rival countries are creating environments that make it easier for professionals to thrive, warning that the UK could lose its competitive edge if it doesn’t respond to these challenges.

Despite his concerns, Yatsenko acknowledged that the UK remains an important market for fintech businesses. Revolut, headquartered in Canary Wharf, employs over 10,000 people globally and allows staff to work remotely or in a hybrid capacity, making it easier for employees to consider relocating without sacrificing their careers.

The exodus of talent is not limited to Revolut but reflects broader trends in the UK’s tech and finance sectors. Start-up founders have expressed concern that policy changes, such as the recent increase in capital gains tax, could discourage entrepreneurship and exacerbate the talent drain.

Revolut itself has been thriving, with plans to expand its offerings by introducing fully digital mortgages. The company’s growth, including a recent $45 billion valuation and over 50 million customers worldwide, underscores its success in adapting to the changing work environment.

However, as more professionals seek out opportunities abroad, the UK faces an urgent need to reassess its policies. Tax incentives in Portugal and Italy, along with their attractive lifestyles, are drawing young professionals away from the UK. The government’s ability to create a competitive environment will be key in retaining the talent needed to maintain the country’s status as a leader in innovation.

Yatsenko’s comments highlight the broader challenges facing the UK’s future as a talent hub, emphasizing the need for the government to act to ensure the UK remains a top destination for professionals and entrepreneurs.

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Amazon MGM Takes Creative Reins of James Bond Franchise Amid Casting Buzz

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In a landmark shift for the James Bond franchise, Amazon MGM has partnered with long-time producers Michael G. Wilson and Barbara Broccoli to oversee the future of 007. While all three entities retain co-ownership of the Bond intellectual property, Amazon MGM will now lead creative decisions, marking a significant departure from its previously limited role.

The move follows Amazon’s $8.5 billion acquisition of MGM in 2021, which granted it partial ownership but little say in the franchise’s artistic direction. With Daniel Craig’s departure after 2021’s No Time to Die, speculation about the next James Bond has intensified. Jeff Bezos, Amazon’s founder and executive chairman, fueled the debate by asking his followers on social media platform X, “Who’d you pick as the next Bond?” The overwhelming response highlighted British actor Henry Cavill as a fan favorite. Known for roles in Superman, The Witcher, and Mission: Impossible – Fallout, Cavill previously auditioned for the role in 2006’s Casino Royale but lost to Daniel Craig. Director Martin Campbell praised Cavill’s audition but deemed him too young at the time. Now in his early forties, Cavill’s age could be a factor if long-term commitments are considered.

Daniel Craig acknowledged Wilson and Broccoli’s contributions, telling Variety, “My respect, admiration, and love for Barbara and Michael remain constant and undiminished.” With Wilson stepping back and Broccoli expected to reduce her involvement, Amazon MGM gains greater creative control, raising questions about the franchise’s future direction.

Fan speculation continues to swirl around Cavill, alongside other contenders like Taron Egerton, Tom Hardy, and Idris Elba. While Amazon MGM has yet to announce a timeline or reveal casting decisions, industry watchers anticipate a new era that may extend beyond traditional films, potentially including spin-offs, series, and streaming exclusives. As the studio reshapes Bond’s future, audiences worldwide eagerly await the next chapter in the iconic spy saga.

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Global Hiring Slump Marks Longest Downturn in Decades, Says Hays CEO

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The global job market is experiencing its longest downturn in over 20 years, according to Dirk Hahn, CEO of Hays, Britain’s largest listed recruitment firm. Hahn attributes the slump to ongoing macroeconomic uncertainty, which is deterring both employers and job seekers from making moves.

Hays, which employs nearly 7,000 consultants worldwide, reported weaker demand for temporary workers in early 2025, while demand for permanent roles—particularly in Europe—remains sluggish following a pre-Christmas dip. Countries such as France, the UK, Ireland, and Germany, Hays’s largest market, are feeling the pressure most acutely.

In the six months leading up to December, Hays reported a 15% drop in group net fees, falling to £496 million from £583.3 million the previous year. Pre-tax profits fell sharply by 67% to £9.1 million, compared to £27.6 million during the same period the prior year. Hays’s share price, already down 25% over the past year, dipped a further 1.8% on Thursday, closing at 71¾p and placing the company’s market value just below £1.2 billion. Despite declining profits, the company will maintain its interim dividend at 0.95p per share.

While the broader UK labor market has shown resilience with limited mass layoffs, businesses remain cautious about expanding their workforce. “Most companies have enough work to retain their current staff, but they’re not looking to increase headcount,” said James Hilton, Hays’s chief financial officer. “Many employees who received pay increases in recent years are not seeking new roles, creating a stalemate. However, over time, people will seek promotions or fresh challenges.”

Recruiters had anticipated a market recovery earlier this year, but Hahn now warns that the rebound may not materialize until 2026. In the meantime, Hays is focusing on its technology recruitment division—its most profitable segment—as it navigates the prolonged global hiring slowdown.

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UK Government Reports Lower-Than-Expected Budget Surplus in January

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The UK government reported a budget surplus of £15.4 billion in January, falling short of economists’ forecasts of £21 billion and the £19 billion predicted by the Office for Budget Responsibility (OBR). Despite January typically seeing a boost from self-assessment tax payments, the lower-than-expected figure has increased total borrowing for the financial year to £118.2 billion—over £11 billion more than the previous year.

The government’s debt-to-GDP ratio now stands at 95.3 per cent, a level last observed in the 1960s. With the OBR set to release updated forecasts on March 26, there are concerns that the government may struggle to meet its goal of reducing the debt ratio by 2029. This could lead to potential spending cuts or tax hikes in the autumn budget.

Reduced debt-servicing costs helped boost January’s surplus, dropping from £9 billion in December to £6.5 billion. However, this was partially offset by a £6 billion one-off expense related to the government’s repurchase of military housing from private firm Annington.

Darren Jones, chief secretary to the Treasury, emphasized the government’s commitment to “economic stability and meeting our non-negotiable fiscal rules.” He also noted that a comprehensive spending review—the first of its kind in 17 years—is underway to ensure that public funds are used efficiently and aligned with national priorities.

 

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