UK Immigration: London is Hub for International Talent & Investments

This week, a report commissioned by London Mayor Boris Johnson confirmed that London is the leading global hub for business talent, financial and business services as well as international visitors. London First report titled ‘London 2036, an agenda for jobs and growth’ reveals that London attracts “more overnight international visitors, more international students, more FDI projects and more large international subsidiaries than any other major city in the world”. 

Below we discuss the business lobby group London First’s findings and explore the options available to migrants who wish to come to the UK.

London Attracts more International Students & Investments than any other City

According to the report London has a number of inherent advantages already as a hub for business and talent. The report found that London is the first for:

• Global business: attracting more foreign investments than any other city;
• Global talent: attracting 100,000 international students from 200 countries, garnering an estimated £2,500,000,000 for the London economy;
• Global visitors: tourism to London is growing rapidly, creating 200,000 jobs and adding £9 billion to the UK economy; Furthermore 50% of those that visit London travel to other parts of the UK;

The report further found that Londoners are a lot more enthusiastic about immigration than the rest of the UK, with 54% of Londoners believing that migration has a positive impact on the UK economy, in contrast to 28% of the rest of the UK. In contrast to the above figure the report also found:

• London if falling behind in their relationship with Asia. With Chinese tourists 5 times more likely to visit Paris;
• Singapore has overtaken London as the largest centre for offshore renminbi trading;
• 80% of Tech City UK businesses say there is a shortage of skilled tech workers;
• Only 20% of London start-ups go on to get later stage funding;
• Unemployment is decreasing in London but it is still higher than the UK average.

 Nation’s Capital needs ‘Stay open for Business’

The latter figures are the ones that the report focuses on in order to pinpoint the challenges the capital faces and need to  succumb. According to the report London should:

1. Stay open for business: strengthen London’s voice on national policies that could put London’s status as the global hub for business and finance at risk: particularly
   immigration and the UK’s relationship with Europe.
2. Increase focus on emerging markets: develop new approaches and radically step up promotion to win emerging market investment, business, visitors, talent
   and students, starting with Asia.
3. Improve global access: accelerate the creation of aviation capacity in the South East and improve the visa system for international visitors.

Harvey McGrath, Deputy Chair of the London Enterprise Panel is backing the report and stated:

“London’s future economic fortunes cannot be taken for granted. London also needs to manage the pressures that come with success – particularly around quality of life and cost of living – that could otherwise threaten London’s attractiveness to investors, talented individuals and even to Londoners themselves. And while London’s historic success has been largely organic and unplanned, there are specific areas where targeted actions will undoubtedly deliver better outcomes for London, and with it the rest of the UK.”

Visa Routes Available for International Migrants