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London businesses are postponing expansion plans and even considering moving abroad amidst fears of the UK government placing even tougher restrictions on UK Tier 2 work visas, according to a new report.
"Against the current backdrop of continuing uncertainty, some global firms are reported to be considering whether they could move key business areas out of the UK," said Stuart Fraser, Policy Chairman at the City of London Corporation. "International companies such as these are also likely to employ large numbers of British workers, with relocation having the potential to damage employment levels, the UK's pool of skills and the tax revenue."
London businesses also voiced concerns that although the UK Tier 2 work visa cap for UK firms has not been reached, there is still a real danger of damaging future competitiveness by basing limits on a period of slow economic growth; Skills shortages could suddenly appear in the future which the current system may be unable to deal with. Specifically, the report warns that a stricter UK immigration Tier 2 work visa cap would be damaging to sectors such as IT and life science which rely on foreign talent.
"A predictable operating environment for business is essential in planning business investment and promoting economic growth," Fraser added. "If immigration is to be capped, we must find a way for the UK's businesses to attract the international talent they need. Uncapped intracompany transfers remain one such method."
UK Immigration Minister Damian Green is expected to announce early next year whether the UK is going to decrease the Tier 2 work visa quota as part of efforts to bring down annual net migration from more than 200,000 to "tens of thousands" by 2015.
If you would like to apply for a UK visa WorkPermit.com can help. WorkPermit.com is a specialist visa consultancy with over twenty years of experience dealing with visa applications. We can help with a wide range of visa applications to your country of choice. Please feel free to contact us for further details.
"Against the current backdrop of continuing uncertainty, some global firms are reported to be considering whether they could move key business areas out of the UK," said Stuart Fraser, Policy Chairman at the City of London Corporation. "International companies such as these are also likely to employ large numbers of British workers, with relocation having the potential to damage employment levels, the UK's pool of skills and the tax revenue."
London businesses also voiced concerns that although the UK Tier 2 work visa cap for UK firms has not been reached, there is still a real danger of damaging future competitiveness by basing limits on a period of slow economic growth; Skills shortages could suddenly appear in the future which the current system may be unable to deal with. Specifically, the report warns that a stricter UK immigration Tier 2 work visa cap would be damaging to sectors such as IT and life science which rely on foreign talent.
"A predictable operating environment for business is essential in planning business investment and promoting economic growth," Fraser added. "If immigration is to be capped, we must find a way for the UK's businesses to attract the international talent they need. Uncapped intracompany transfers remain one such method."
UK Immigration Minister Damian Green is expected to announce early next year whether the UK is going to decrease the Tier 2 work visa quota as part of efforts to bring down annual net migration from more than 200,000 to "tens of thousands" by 2015.
If you would like to apply for a UK visa WorkPermit.com can help. WorkPermit.com is a specialist visa consultancy with over twenty years of experience dealing with visa applications. We can help with a wide range of visa applications to your country of choice. Please feel free to contact us for further details.
