The UK’s finance and professional services (FPS) sector is highly dependent on international talent, with workers from abroad holding 12 per cent of its jobs, according to research by City of London Corporation*.
In London, in particular, overall reliance on foreign workers in this industry is considerable. 78 per cent of jobs in the capital are held by British workers, with 13 per cent from the EU and 9 per cent from other international markets. Whilst outside the capital around 95 per cent of FPS jobs are British, with 2.5 per cent held by EU citizens and 2 per cent by foreign nationals.
The FPS is London’s fourth largest employer, meaning that policies to significantly reduce access to international talent will have a major impact both on the sector and on London’s economy.
Writing for City AM**, Lord Mayor of London, Andrew Parmley, says: “I have spoken to so many international business leaders in the financial services sector over the past year that have some sort of connection to the City – either having been here to do business, done business indirectly with firms in the City, or seen their colleagues work here. It goes to show what an international city for business we are, welcoming talented individuals from across the world to work and live here.”
He goes on to say: “London, and indeed the financial and professional services sector, has a very international workforce. For that reason we have been vocal in calling for clarity on the residency rights of EU workers in the UK post-Brexit, and making sure the business voice is heard when discussing immigration policies. Policies which substantially reduce access to international talent from across the world will have a significant negative effect on the both sector and on London’s economy.
“Immigration has been important, and we must stay open to the world.”.
With the capital teeming with entrepreneurial talent, our London-based experts at Beavis Morgan know what a great city it is to carry out business, especially if you are looking for strong links into global markets. We are available to assist with developing your business plan, starting up, fundraising and investment, as well as growing and developing your business whilst navigating the maze of tax issues (and avoiding any penalties and fines!), whilst enabling you to get on with running your business and achieving your goals and aspirations.
Our R&D tax credits team has also made a significant number of successful claims on behalf of clients who have invested in innovation.
*City of London Corporation aims to support and promote London as the world’s leading international financial and business centre and attract new business to the capital and the whole UK
** City AM