The London city is pressing the government for a new ‘digital skills visa’ to improve the position of Britain as a financial technology hub, as other cities in Europe vie for the same.
This idea is one among many proposals in a report prepared by PwC for TheCityUK lobby group. It emphasises on how final sector services sector of the UK can retain its competitive advantage even after Brexit. According to the report, younger people with crucial digital skills should be welcomed to the United Kingdom even if they have no job offers.
Britain is said to have become a nursery of ‘financial technology’ innovation and investment. This position could be challenged, as the anti-immigration policy of the present dispensation could dissuade start-ups from recruiting the most talented workers from all over the world.
Mark Hoban, the former City minister, the main coordinator of the report, was quoted by The Financial Times as saying that apprehension is rising in the fintech sector that some founders who have come from overseas find it easier to recruit foreign workers if theirs is a recognised fintech, unlike if they are start-ups.
Hoban’s report details a scenario as to how the financial services’ sector could earn the country £43 billion more by 2025 if its recommendations are accepted. He said that it would add two percent more to the GDP of the country.
In fact, employers in the UK across the board are feeling apprehensive about skills shortages after the UK leaves the EU. Although the Home Office is offering a ‘tech visa’ to help overcome it, only 200 people can be hired under that scheme per year, which would hardly meet the country’s demand.
PwC has, therefore, suggested that after Brexit, the scheme should be revamped and extended and be rechristened as digital skills visa, which will not be linked to earning capabilities of skilled people and would allow applicants to work for multiple companies or let them set up businesses. Whom these visas would be granted to would be decided by a specialist organisation like Tech City UK, which is equipped with the expertise to evaluate applications.
If you are looking to work in London, get in touch with Y-Axis, a prominent immigration consultancy company, to apply for a work visa.