Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of the uncertainty around the UK's immigration policy after it leaves the EU on the ability of the UK financial services industry to recruit European workers.
We recognise that access to talent is critical for a globally competitive financial services sector. The transition period means there will be no substantive change to the way the financial services industry is able to hire EU workers before 2021, and all EU nationals arriving in the transition period will be able to remain in the UK if they apply for leave to remain and will be granted settled status after five years’ lawful residence.
The Government wants to ensure that decisions on the future immigration system are based on evidence and engagement with a wide range of stakeholders, which is why the Migration Advisory Committee (MAC) has been commissioned to complete a detailed assessment of the role of EU migration in the UK economy. The MAC will report in September 2018, after which the Government will be in a better position to clarify the UK’s immigration policy.