This week, recruitment firm Morgan McKinley has warned the future UK Government that tightening the Immigration Rules further will result in the UK Financial Technology (FinTech) Industry unable to fill vacancies. The Financial Technology sector is made up of established banks and financial services firms as well as start-up and growing businesses. According to the recruitment firm this sector not only employs from inside the UK, but across the globe. However, with the General Elections in two weeks and political parties determined to convince the British public that they are going to reduce and control immigration in the UK the FinTech sector may be the one that suffers as a result.
High Demand for International Skilled Workers
According to Morgan McKinley, the last half of 2014 saw the employment market in London become stronger with financial professional job opportunities up by 19%. However, only 1% of employees were looking to move onto new job opportunities and there was a 4% fall in professionals seeking new job roles.
Hakan Enver, Operations Director at Morgan McKinley, stated that the FinTech sector requires global talent not because of the lack of skills in the UK which is widely reported on by the media but because of the vast opportunities that there are in the financial and technology sector:
“Immigration is becoming a theme in the UK election and any regulatory tightening could have a negative effect on the fintech sector and is a cause for concern to companies in London. There is a continual need to source talent from international markets, simply because demand outweighs supply.”
According to the Office for National Statistics, 624,000 people immigrated to the UK in the year ending September 2014, a statistically significant increase from 530,000 in the previous 12 months. In the year ending September 2014, Tier 2 visas granted rose from 8,833 to 115,680, largely reflecting a 6,142 increase for skilled work.
Future UK Government Can Make or Break UK Economy
The ability to not fill vacancies in the financial and technology sector has always been attributed to the lack of skills from individuals who are born and raised in the UK. Politicians and UK employers have pointed at the school system and their inability to teach young people the necessary skills to help them in the professional world, whilst others have turned on migrants as taking all the professional jobs before potential employees in the UK have the opportunity.
However, according to Morgan McKinley the opportunities and jobs are very much there for both UK nationals and skilled migrant workers, it’s just a matter of the right job going to the right individual. Another criticism that the UK Government have faced is due to the current stringent Immigration Rules, international students that are educated and trained at UK Universities usually have no choice but to return to their home country due to the conditions of their UK visas. Therefore, once again the UK losing out on talent that could potentially fill vacancies that are much needed by companies and businesses around the UK.
With the General elections taking place on 5 May 2015 it is just a matter of time before we see whether the future UK Government changes the UK Immigration Rules for the better of the UK economy or for the worst.
Successful UK Tier 2 Visa Applications
Our team of experienced and professionally qualified immigration solicitors and barristers will be able to guide you through the process of making a Tier 2 General migrant visa application step by step and limit the possibility of failure by complying with the strict letter of law.
We also undertake a great deal of appeal work before the Immigration and Asylum Tribunal and have a successful track record of successful results for our clients. We have the experience and the knowledge required to take your case forward successfully. If you have had a Tier 2 General visa refused, contact us to discuss your case so that we can provide you with a case assessment.