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Britain’s financial sector calls for six-month staff visa By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – East London’s Canary Wharf district can be seen on November 12, 2014. REUTERS/Suzanne Plunkett

By Huw Jones

LONDON (Reuters) – Britain’s financial sector has called on the government to ease visa requirements on overseas staff who want to work up to six months in the country to maintain global competitiveness.

TheCityUK and City of London Corporation released a Global Talent Mobility Report on Thursday. It included recommendations to address the “practical problems” facing banks, insurers, and fintech companies in attracting sufficient talent.

The report stated that a “hybrid” business visa, which is short-term and allows staff to stay in Britain temporarily without having to go through the hassle of obtaining a full work visa.

Miles Celic (CEO of TheCityUK) stated that without it, they will be unable to invent in key areas such as fintech or green financing nor expand their international trading networks.

According to the report, UK-based financial service firms have 19.5% international workers. This number has risen to 42% for fintech which is one of the fastest growing areas of finance.

According to the report, professional and financial services companies are experiencing significant increases in costs to secure the highly-skilled workers they require to succeed on the international stage since January’s introduction of Britain’s new immigration system.

Graphic-Global Talent Mobility Report – https://fingfx.thomsonreuters.com/gfx/mkt/dwvkrdnwgpm/Global%20Talent%20Mobility%20Report.PNG

Worries about recruiting have become central for finance after Britain fully left the European Union last December, largely cutting off the City from the continent.

After the nation’s gas stations ran out, Britain reluctantly granted temporary visas to 5,000 foreign truck driver until Christmas. This is in line with Brexit’s central principle of free movement.

The finance ministry of Britain has said that it will introduce a fast track visa for fintech workers and that they are reviewing the rules regarding intra-company transfers.

The report stated that there was support for free trade agreements to allow for the quicker assignment of workers.

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