Comment on skilled immigration

Dave Way, managing director of accountancy and financial services recruiter Marks Sattin said: “David Cameron is absolutely right to put the focus on encouraging the right people to come to the UK to work, but putting a cap on skilled labour is a dangerous strategy. Of course, there have to be limits, but to prevent an influx of talented and highly trained people from abroad is potentially disastrous for the economy, particularly in the financial services sector.

“Since the end of the recession, we have seen a rise in daily rates for finance roles because the demand for skilled labour currently outstrips supply. The ability to attract qualified professionals – especially form southern hemisphere countries – is essential if labour costs are not to render the UK’s financial services industry too expensive to be competitive. Since the beginning of 2010, we have seen the number of counter-offers made to resigning professionals more than double and in more senior positions, over two thirds of resigning employees are offered rises to stay. That’s indicative of a demand-driven labour market and to exclude good people would only damage industry and ultimately, the economic recovery.

“What’s more, skilled finance professionals from other countries make great employees. They have internationally recognised qualifications and frequently have great experience working in large companies abroad. Skilled immigrant workers come to the UK to work and work hard. Having taken a proactive decision to move to a different country, they are prepared to put in long hours, which makes it possible for UK companies to control their cost base and maintain their preeminent position in the global financial services market.”