Friday, 28 February – Thursday, 06 March 2014 ISSUE 520
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B R I TA I N ’ S N O . 1 A F R I C A N N E W S PA P E R Ghana loses $.3 Billion due to decline Cocoa prices SEE PAGE 8
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Screen Nation Film & TV Awards Special SEE PAGE 18
Courtroom scuffles as Woolwich killers sentenced SEE PAGE 4
Government urged to auction visas By Alan Oakley
The Migration Advisory Committee (MAC), an independent, non-departmental Home Office-sponsored body that advises the government on migration issues, has recommended that the right to settle in Britain be sold to the highest bidder in a report made public this week. Under the present system, migrants who invest £1m, £5m or £10m can apply for permanent residence in the UK through the Tier 1 (Investor) route after living here for five, three or two years respectively. They do not need to satisfy the requirement to speak English and are permitted to bring spouses and dependants. According to Professor Sir David Metcalf CBE, chairman of the Committee, the current scheme brings few if any economic benefit to British citizens, since most
applicants buy gilts in order to qualify; effectively lending the money to the UK. Under the MAC’s proposal, the minimum investment would double to £2m and slots auctioned with a reserve price of £2.5m. Winners of the 100 or so auctioned slots would be able to settle in Britain after two years instead of the existing five year wait (for investors below the £5m threshold). Surplus funds received through the scheme could be used to support good causes in a similar way to National Lottery profits, says the report. Although the Committee found that investor migrants bestow an indirect beneficial impact through their general expenditure in the UK, particularly on things such as private education, it believes the reforms recommended around the direct investment itself will make it much more likely that UK residents gain from this route.
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AFRICAN PRESIDENTS AND HEADS OF GOVERNMENT AT THE NIGERIA CENTENARY CONFERENCE IN ABUJA SEE PAGE 12