If the UK stops accepting migrant workers its 20 billion dollars are at risk revealed the study by PwC for major investors. The UK’s position as a major global hub for research and development is threatened, elaborated the report.
Big MNCs rely on open borders to hire researchers across the globe. They thus keep the universities in the UK filled with the brightest minds. The UK had attracted 20 billion dollars as it was freely accepting migrant workers. This was in the form of imported corporate research and development funds annually from large MNCs. It makes up more than 80% of the entire corporate R&D funds in the UK, as quoted by the Telegraph.
The major part of the 20 billion dollars fund is at risk if the UK stops accepting migrant workers required for the top teams of analysts from overseas. John Potter of the PwC said that many of the largest MNCs are reliant on overseas talents, funds and ideas. This is required to deliver the level of innovation required in the present times.
If the policies of major economic powers begin to focus inwardly, this is not good for innovation said, Potter. It will spell uncertainty over the plans for innovation of the major MNCs, This will also adversely influence their existing models, said John Potter.
Innovation is slowed down by ambiguity, the report stated. R&D activities finally help to enhance jobs, growth and economic wealth. The US is the most risked owing to economic nationalism, said the PwC report. The study was based on the largest 1000 globally listed firms along with a survey of 562 R&D professionals. The next at risk is the UK, revealed the report.