A new taskforce and fund of £54 million has been announced by the UK Government, aiming to bring world-class technology and science talent here and covering relocation and research costs over five years.

The launch of the Global Talent Taskforce will support researchers, entrepreneurs, investors, managerial and engineering talent, and high-calibre creatives to relocate and work with the UK’s international presence to network and build a pipeline of talent who want to come to Britain.

Meanwhile, the Global Talent Fund will be allocated over the coming weeks via UKRI to leading universities and other research organisations, covering 100% of eligible costs, starting from this year. The organisations will select and target the researchers, aligned to the overarching objectives of the scheme and in support of the government’s latest industrial strategies.

The move came ahead of the launch of the government’s modern Industrial Strategy programme, intended to bolster homegrown talent with cutting-edge, high-skilled researchers and innovators from around the world to work in the key sectors identified in the Strategy, not least science and tech.

It will also build on commitments in the recent Immigration White Paper to expand eligible institutions for the High Potential Individual visa, and fast-track the brightest talent into UK high growth and strategic industries.

“Genius is not bound by geography,” said Peter Kyle, the science and technology secretary. “But the UK is one of the few places blessed with the infrastructure, skills base, world-class institutions and international ties needed to fertilise brilliant ideas, and turn them into new medicines that save lives, new products that make our lives easier, and even entirely new jobs and industries. These endeavours are the Plan for Change writ large.

“My message to those who are advancing new ideas, wherever they are, is simple. We want to work with you, to support you, and to give you a home where you can make your ideas a reality we all benefit from.”

Jonathan Reynolds, business and trade secretary, also commented: “A key part of our Plan for Change is making sure Britain is the best place in the world to do business – we are a strong, connected market and have a lot to offer the best and the most inventive minds.

“Competition for elite global talent is high, and by establishing this Taskforce we are solidifying our position as the first choice for the world’s brightest sparks, as well as turbocharging innovation in medicines and inventions of the future, boosting British business and putting money in working people’s pockets.”

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Alongside this Government-backed work, two new fast-track research grant routes have also been announced by the National Academies, including £30m from the Royal Society for a Faraday Discovery Fellowship accelerated international route, part funded by their £250 million Department for Science, Innovation and Technology (DSIT) endowment.

The Royal Academy of Engineering has announced a similar fast track international route, as part of its £150 million Green Future Fellowships endowment from DSIT. This funding will ensure the UK competes for the best global talent in science and research.

The announcement comes hot on the heels of the launch of two sets of fellowships directed towards attracting top talent to the UK. These are Turing AI Global Fellowships, providing £25m of funding, and a UK-based expansion of the Encode: AI for Science Fellowship, both embedding researchers into UK teams.