Financial Service Firms Opposed to Tougher Visa Limits

A number of financial service firms in the UK are opposed to a further curb on Tier 2 visas and high-value immigration according to a recent survey.

A survey sent out to many services in the sector indicated that they believed a clampdown on such visas would seriously affect the financial sector regarding the recruitment of skilled workers.

Survey on Skilled Migration

A survey of around 800 financial service workers by the Chartered Institute for Securities and Investment (CISI) showed that 73% of finance workers believed the government’s proposals to further reduce non-EU worker numbers would be detrimental to the UK economy in the long-term. As well as this, according to those questioned a tightening of any of the visas would significantly reduce the financial sector’s ability to recruit the best talent from around the world.

Simon Culhane, the chief executive of CISI, said: “The foundation, on which London’s attractiveness as an international financial services centre was built over the years, has been achieved with the help of the same global talent pool the government now wants to drain.

“The outcome of the survey demonstrates the strength of feeling that exists concerning the issue of recruiting highly-skilled non-EU workers.”

Following the General Election, David Cameron commissioned the Migration Advisory Committee to analyse the best ways to reduce the number of skilled migrants in the UK and effectively cap the number of skilled workers coming to the UK from outside the EU.

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