There are jobs to fill in the financial sector, but ‘special rules’ might have to be in place to make sure the right people still get hired amid plans to limit immigration.
A report by the Evening Standard said Economic Secretary to the Treasury Stephen Barclay will meet with immigration minister Brandon Lewis to argue that the sector should not be covered by immigration curbs which could impede the flow of international talent.
In next week’s meeting, Barclay is reportedly likely to stress that the insurance and financial sector employs over a million people in the United Kingdom, making a £60 billion trade surplus. A sector-based visa would be preferable in this case when Britain leaves the European Union.
According to industry body TheCityUK, financial and related professional services based in the UK employ more than 2.2 million people and contributed nearly 11% of Gross Value Added in 2015. It said that while London remains core to the industry’s strong position, around two-thirds work outside the capital.
For instance, Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester all employ more than 30,000 people in the industry.
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