Global banks demand visa waiver to protect London’s financial status

Britain’s global banks are calling for a special UK visa waiver for workers after the UK exits the EU to help protect the City of London’s status as a leading financial centre.

The suggestion is one of the key recommendations in a report from UK financial and related professional services membership body TheCityUK and Big Four accountancy firm EY. 

Arrangement

According to the report, Britain’s finance industry is recommending that an arrangement is put in place to enable international workers that are posted to Britain for less than six months to enter and leave the country as they wish without them needing to apply for a work visa.

While the report has not yet been released, it has been seen by the Home Office and Treasury and is the most detailed report sent to the government regarding the type of immigration policy that Britain’s finance industry wants to be put in place after the UK has exited the EU.

The document suggests that the government puts a broad immigration policy in place after the transition period after Brexit, with the industry calling for the policy to be introduced by spring 2019 to enable businesses to adjust.

Concerns

The request comes amid concerns from the City of London’s executives that they may lose access to skilled workers after Brexit as a result of a strict immigration policy.

Currently, the report consists of a draft document, but it is set to be officially announced at an event later this month. The event will include a keynote speech from Immigration Minister Caroline Nokes.