Charlotte Crosswell, CEO of Innovate Finance, has issued a statement following the UK government’s publication of the “Immigration White Paper.”
Immigration, and how a post-Brexit Britain will manage it, is a pressing concern. Access to skills and talent is vital to all industry. Perhaps more so with financial services and Fintech.
In the forward of the Immigration White Paper, Home Secretary Sajid Javid shared a hopeful message:
“This new system will be focused on those with the skills we need, who bring the most benefit to the United Kingdom. Our new route for skilled workers will enable employers – in both the private and public sectors – to access the talent they need.”
Crosswell said today’s immigration white paper is an important milestone as they push for clarity on post-Brexit arrangements.
“Access to a global talent pool is vital to keep pace with UK Fintech’s growth potential. Four in ten employees in this thriving sector currently come from overseas, complementing national capabilities as the UK continues longer-term efforts to strengthen the domestic pipeline in digital and technological skills,” said Crosswell. “The abolition of the Tier 2 cap is overdue and welcome. Innovate Finance has long called for the cap’s removal and supported the Migration Advisory Committee’s recommendation to do so. We believe this makes complete economic sense.”
Crosswell said that Innovate Finance will feed into the consultation on minimal salary levels for those overseas workers entering the UK and will continue to represent Fintech views on the Home Office Employers Panel.
Innovate Finance believes that the current cap at £30,000 is “potentially harmful to the UK economy as a whole and may discourage talent from entering the market.”
“We must ensure that UK FinTech has the ability to recruit for all essential roles across the whole UK, ensuring that our economy remains open to those who demonstrate significant future potential in the early stages of their careers.”