Britain’s financial sector has called on the government to ease visa requirements on overseas staff. This is mainly for staffs who want to work up to six months in the country. A Global Talent Mobility report from TheCityUK, City of London Corporation and consultants EY set out ways to overcome the challenges faced by banks, fintech and insurers. A hybrid short-term business visa would allow staff to work in Britain for a short time without the red tape involved with full work visa requirements, as per the report.
Miles Celic, CEO of TheCityUK said that without this, they will not be able to innovate in key growth areas like fintech. They also can’t build out their international trading networks. 19.5% of workers are international, within UK-based financial services. Since the introduction of Britain’s new immigration system, financial and related professional services firms will face cost increase. This is for securing the high-skilled talent. Worries about recruiting have become central for finance. This is after Britain fully left the European Union.
Ending the free movement of EU workers in Britain is a central tenet of Brexit. Britain has just agreed temporary visas for 5,000 foreign truck drivers. Britain’s finance ministry said that it would introduce a fast-track work visa in the fintech sector. Intra-company staffing transfers are also being reviewed. The report stated that there continued to be support for a broader view to be taken in free trade agreements. This could facilitate the assignment of employees.