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Financial Sector Requires Non-EU Workers

According to a new data, the UK’s financial sector requires more non-EU workers due to a worsening skill shortage in the industry.

The figures regarding the state of the financial sector come at the same time that those working in the industry have expressed concern regarding the difficulty of obtaining a Tier 2 visa. According to SDJ Accountancy, the Tier 2 visa cap of 20,700 means that there are not enough sponsorships available to meet demand and to support the financial sector adequately.

Growth in the Number of Tier 2 Applications

Figures show that over the last 12 months applications for Tier 2 Visas in the financial services sector increased to 6,843, up from 6,270 in the previous 12 months, representing a rise of 9.1 percent. This increase shows the largest growth in the number of applications for skilled workers since 2007.

According to some experts, as the financial sector continues to grow, the industry will become increasingly reliant on the visa system to find skilled workers. However, with only 1,650 Tier 2 Visas available each month and further competition to gain access to the market, it is likely that the financial services industry will face a continued struggle to source highly-skilled workers from outside the European Union.

SJD Accountancy’s Chief Executive Officer, Simon Curry said: “The increase of Tier 2 Visa applications shows that the financial services sector is recovering strongly, but it’s not guaranteed those applications will be granted due to the hoops non-EU workers and employers are made to jump through. This leaves the industry sector starved of the essential skills it needs.”

He added: “As access to foreign talent is continuously squeezed, it’s inevitable that London’s position as an international financial hub will be weakened.”

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