UK economy ‘bleeding out’ with brain drain in science and tech, peers warn

Sir Keir Starmer and Rachel Reeves must show “clearer leadership” to tackle a brain drain in the science and technology industry which is leading to Britain’s economy “bleeding out”, peers have warned.

In a damning report, the Lords Science and Technology Committee called for Government action – including easing visa costs for highly skilled professionals – to revive growth in the sector.

Ministers have laid out ambitions to make the UK “one of the top three places” to scale a business – where revenue grows much faster that costs – but the country is “sliding in the opposite direction”, the group warned.

“The UK has seen a procession of promising science and technology companies moving overseas rather than scaling here,” the committee said.

“The UK’s inability to retain the econo