UK to safeguard bankers from Brexit impact

The British government has moved to reassure the financial services sectors that bankers will be exempt from immigration curbs post-Brexit.

Brexit Minister David Davis recently told a conference of bankers in London that the government’s new immigration policy will aim to allow highly skilled workers to move around the continent.

“Ensuring that the financial services sector can attract the talent it needs to thrive is vital as we leave the EU,” Davis said. “We want to ensure that our new partnership with the EU protects the mobility of workers and professionals.”

Many banks have expressed concern that a crackdown on immigration may hamper their ability to find staff with the right skills. However, Davis said that the government wants a trade pact with the EU in financial services that will ensure financial stability, consumer protection and honour the global regulatory rules adopted in the aftermath of the 2008 global financial crisis.

Several EU member states including France are keen to tempt global financial institutions to transfer jobs out of London once the UK leaves the EU. But Davis stressed that protecting the future of the City – Europe’s dominant financial sector – is in the EU’s interests as well as Britain’s.

The British government is set to introduce a new immigration bill next year which will set out the future plans in more detail.

Article published 15th November 2017