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The Rachel Reeves UK Chancellor in the UK on Wednesday will invite the rules that interfere with the employment of foreign talent by financial groups, as the City of London joins an invitation to an more open approach to migration to increase growth.
Reeves will meet the bosses of the leading British shores As part of the effort to develop a new industrial strategy, but it will be a meeting with the increasingly common refrain: the economy needs more qualified workers.
“The UK is in a competition for high quality talents,” said Miles Colic, the director of TheCityuk Lobby Group. “It is important to continue reducing bureaucracy over the bringing of high quality individuals to the UK.”
Demand for more foreign talent is a problem for the Labor Government Sir Keir Starmer, who also promises to reduce migration and face fierce political pressure from UK reform.
Reeves And Jonathan Reynolds, a Business Secretary, produce an industrial strategy that covers eight sectors, including financial services, as a cornerstone of their growth policy.
However, officials who work on the strategy said that numerous sector, from banking to technological and life sciences, set up similar ministers’ demands. “There are big questions about skills and visas,” one official said.
This month’s Lord House Science Committee said the UK had committed “An act of self -branches” Because high visa and non -inflexible immigration system fees are distracted by students of science and early career researchers.
Reeves will host banks chiefs, including HSBC, Lloyds, Barclays, Santander UK and Natwest to discuss the strategy for strengthening financial services, with migration, regulations and tax taxes.
Among the demands, Reeves will speed up reforms in the “higher manager regimen”, the rules introduced after the 2008 collision, which are said to have distracted some bankers from arriving in London.
Since 2016, the regime has forced older executives in banks, construction companies and credit union to take personal responsibility for offenses if they have not taken “reasonable steps” to prevent them. Penalties range from fines to prohibitions.
The UK Finance, which represents 300 companies in the sector, said the regime was captured by “large parts of people and compliances became quite burdened.”
The treasury announced that she would soon respond to the “call to evidence” of the reform of the regime and that it would “provide a simplified regulation that limits the load on the industry, retaining appropriate protection”.
He added: “We will consult about whether we will replace the current certification regimen so that the companies continue to ensure that the relevant staff are appropriate and properly, but that the requirements are less burden.”
The UK Finance said that he also pressed Reeves to make reforms on banks on banks, simplifies regulation and demands that the companies of social media, technological and telecommunications share with banks the burden of solving fraud.
The industrial strategy, which should be completed in the spring, includes eight sectors: financial services, professional and business services, science of life, creative industry, defense, digital and technological, advanced production and pure energy industries.
Last month, Reeves said at the World Economic Forum in Davos that she would “look at the most witch routes again,” singing out visas in the fields of artificial intelligence and life science.
Companies can hire staff from abroad within the visa scheme for skillful workers’ office; It was 50,900 main apps Between April and December 2024, 6 percent less than in the same period 2023.
Last year HSBC was among the big British companies withdraw A job offer for foreign graduates after the previous conservative government has raised a salary threshold for qualified workers’ visas to £ 38,700. The work retained a larger threshold.
Reeves, announcing her dialogue with the financial services sector last month, said: “I am advocated for working in my hand with an industry to ensure that our plans are informed by those who provide and use financial services.”
