By IANS,
London : British financial employers express worries that the new points-based system for migrant workers may affect import of skilled talent from countries like India.
Such a situation can even reduce London’s competitiveness as a global financial centre, they believe, according to the Financial Times.
The City government asks the finance industry not to worry, saying the new rules do not undermine international talent and come September, the government would convene a working group to sort out migration matters.
Employers in the Square Mile (the heart of London) met at a breakfast summit with City officials to register their complaints about the new visa system. They fear that the system could make it harder for them to bring staff to London from their overseas offices and to recruit talented people who could bring different perspectives to the City.
One investment banker said the requirement for skilled migrants to earn more than £30,000 ($60,000) a year would stop them bringing young recruits for work experience in London from India where they were paid £18,000 a year, a generous sum at home.
Chair of the City’s policy and resources committee, Stuart Fraser, said that the concerns were more at the edges than on matters of substance. Many related to China, India and other Asian countries where the requirement to speak good English would be an obstacle to many. There were fears that British staff working in such countries would be forced to learn the languages before being given work permits.
City minister Kitty Ussher said: “We recognise the importance of international talent coming to the City of London. Once the system is up and running it will be pretty straightforward.”
The working group she plans to convene will also have representation from the Treasury and Home Office.