Financial services firms in the City of London are facing spiralling costs to bring in talented employees that threaten the competitiveness of the Square Mile, according to a report by industry body TheCityUK.
The group has called for ministers to create a new short-term business visa to allow overseas staff to visit the UK. This would streamline the cost and time taken to move people around regional offices under current immigration rules. The report has been produced with the City of London Corporation, which governs the Square Mile, and EY.
The UK ended freedom of movement between the UK and EU at the start of the year. TheCityUK said that nine months after Brexit financial and related professional services firms were seeing “significant cost increases” to securing the high-skilled talent that they need to compete on the global stage.