UK chancellor Rachel Reeves will on Wednesday be urged to rip up rules that hinder the recruitment of foreign talent by financial groups, as the City of London joins calls for a more open approach to migration to boost growth.
Reeves will meet bosses of Britain’s leading banks as part of efforts to draw up a new industrial strategy, but will be met with an increasingly common refrain: the economy needs more highly-skilled workers.
“The UK is in a contest for high-quality talent,” said Miles Celic, chief executive of TheCityUK lobby group. “It’s important to continue to reduce red tape around bringing high-quality individuals to the UK.”
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