Chancellor George Osborne has unveiled a new scheme that will grant business visitors from China visas within 24 hours.

It has been reported that the UK is losing up to £1.2 billion per year through Chinese visitors being put off by the current complex visa system.

Mr Osborne, said: “These changes will streamline and simplify the visa application process for Chinese visitors, while ensuring the system is strong and secure. This is good news for British business and tourism.”