16 May 2008
City Lord Mayor welcomes Treasury reassurances over immigrant
skills
The Lord Mayor of London, David Lewis, has welcomed comments
made by the Economic Secretary to the Treasury, Kitty Ussher MP,
about immigrants’ skills during a speech to the Securities and
Investment Institute Conference on 'The Age of Volatility' in
central London on Thursday.
David Lewis said: "Kitty Ussher has been well advised to
reassure the City that the new points-based immigration system will
not hinder the UK’s financial services sector from attracting 'the
most talented brains in the world'. The City of London has always
been very clear about the importance of attracting and retaining an
international talent pool to the Square Mile which, in turn, helps
safeguard London’s position as the leading financial centre in the
world.
"The UK-based financial services industry, which contributes a
massive one-quarter of the UK’s total corporate tax take, needs
these skilled people – and, in particular, those in the so-called
‘tier 1’ bracket - if it is to compete with other centres and
perform at a world-class standard.
“A significant proportion of this new talent is arriving from a
cluster of 15 countries, including Poland, France and Pakistan –
and many are young, with above-average qualifications and receive
positive employer-ratings."
Ends
Notes for editors
The City of London provides local government services for the
Square Mile, the financial and commercial heart of Britain, and is
committed to maintaining and enhancing the status of the business
City as the world's leading international financial and business
centre through its policies and services. Its responsibilities also
extend far beyond the City boundaries and include management of the
Barbican Centre, Central Criminal Court at the Old Bailey, 10,000
acres of open space including Hampstead Heath and Epping Forest,
three wholesale food markets, as well as acting as the London Port
Health Authority.
For more information about the UK economy and the impact of
immigration on the London economy, see the Global Financial Centres
Index No 3 (March 2008) and The Impact of Recent Immigration on the
London Economy (July 2007) on the City Corporation’s website,
www.cityoflondon.gov.uk/researchpublications
Press contact
For further information, please contact:
Greg Williams, Head of Press at the City of London on 020 7332
1455, mob: 07889 167205
Email
greg.williams@cityoflondon.gov.uk