The City needs workers from outside the EU

first_imgSunday 5 September 2010 9:48 pm AS THE days count down until the immigration cap consultation on non-EU workers closes a week on Friday, it is more important than ever that we engage with policymakers to voice concerns across the City. Of course, we recognise the wider national concerns about immigration levels. With the latest figures from 2009 showing a 20 per cent rise in net entrants there is undeniably a political imperative to tighten the system and ensure it is not abused.But any changes to how work permits are controlled need to be focused. Therefore it is important to note that last year’s increase stemmed not from an increase in permits issued to non-European Union citizens – which actually fell by 14 per cent – but by a fall in the number of people leaving Britain.If the principle of a “cap” is accepted and that there will be limits on net immigration in the various categories then the government must ensure that any “abuse” of the system is eradicated, particularly in the Tier 1 and Tier 2 categories which are of prime importance to the City. Anecdotal evidence suggests that, in the past, people have entered the country on the basis of qualification rather than economic value to the UK. If that persists then people we really need who do bring value in terms of enhancing a firm’s profitability – and both income and corporation tax – may be excluded in favour of a first-come, first-served entrant with little economic value.Most of the firms in the City are global employers. If they need a skill set in, say, Middle East finance or emerging markets then they source from those areas. Equally if opportunities arise to acquire financial teams from outside of Europe they need to be able to act quickly. Are firms expected to sacrifice these opportunities because they cannot employ any non-European talent? In the past couple of years the City has experienced huge swings in the business environment. Financial businesses and indeed many others have to respond to these changes rapidly. We have in these two short years experienced a swathe of redundancies followed by a desperate scramble to rebuild numbers. Many of those redundancies will be of people who are not domiciled in the UK and many will have returned to their homes in the USA and Asia. The effects of this are twofold. Firstly basing permit allocation on the recent past gives absolutely no guide to the needs of any business. Secondly it prevents firms from re-employing people from those countries. If we cannot do that then those talented people and firms will simply move elsewhere where there is similar demand and who show a welcoming environment. Therefore it is in all our interests that the City works with the government to help design a fair, transparent and rational system that maintains the UKs openness to skilled citizens – regardless of their background.Stuart Fraser is Policy Chairman at the City of London Corporation. Show Comments ▼ whatsapp The City needs workers from outside the EU Tags: NULL Share whatsapp KCS-content More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPuffer fish snaps a selfie with lucky divernypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comlast_img read more