The visa proposal
The London Assembly has suggested having a visa to work in the city as one of the ideas of how to protect the capital’s financial services after #Brexit. The LSA has said that Mayor Sadiq Khan is considering this proposal.
Modelling the idea on concepts used by China and Canada, the London Assembly Economy Committee has proposed the use of a regional visa, which will allow skilled workers to live and work freely in the city overriding any new immigration system after Brexit.
The effects of Brexit on London's finance
Describing London as Europe’s financial hub and leading global financial centre, the report put forward different potential deals to help preserve this sector of the capital after the United Kingdom leaves the European Union.
With London being the home to 250 foreign banks, the report states that many non-EU firms use the UK as quarters for their business to utilise of the freedom of movement within European countries. However, if the freedom of movement deal isn’t held up after Brexit, this could lead to many businesses relocating to somewhere else in the EU thus taking business away from the UK and London.
What else the report suggests
To retain the benefits gained from the EU, the report suggests using a skill-based immigration system to avoid losing out on potential employees. Claiming that “one in ten of the City’s 360,000 workers come from other EU countries”, the report states that any new immigration system should not exclude people just because they do not have any job offers.
Instead, their skills should be taken into consideration to evaluate their intellectual benefit to society as they have the potential to grow new businesses.
The London Assembly also recommended that the Mayor of London should continue to recognise the value of London’s financial sector and protect jobs in other cities as well as London.
Other recommendations made by the report were that London could try to expand its global reach and become a location for off-shore Finance to lessen the fallout of the UK leaving the EU. It also encouraged a greater support for Fintech companies to make London a hub for the growing industry.
