Responding to the Government’s new immigration rules, Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“The UK’s future success depends on attracting and retaining high-quality talent. We have long said that a critical first step to achieving this is an efficient world-class visa system – it is welcome that the Government has recognised this.

“There are other parts of the new system which will be well-received by our sector, such as abolishing the skilled visas cap.

“However, the timeline for businesses to adapt to the system is ambitious. It is important that firms are given adequate notice to make the required preparations, particularly those SMEs who may not have the resources of larger employers.

“We need an immigration system that works for the whole of the financial services ecosystem. This includes those supporting industries which keep the City ticking and we look forward to engaging with the Government on this particular issue.

“The City’s diversity is one of its great strengths. To ensure the success of the Square Mile, London and wider-UK, it is crucial that we remain open and welcoming.”

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk