Britain will lose its status as Europe's top financial centre unless it keeps borders open to specialist staff, improves infrastructure and expands links with emerging economies, TheCityUK said in a report published on Thursday. [...]
Although companies may begin by initially shifting a small number of jobs to Europe this may begin to accelerate when property leases expire, they carry out business reviews, or when the cost of capital becomes uneconomical.
"Shifts out of the UK may gradually erode the 'cluster effect' of the financial ecosystem, with the threat of a tipping point in the ecosystem being reached," the group said in a 83-page document outlining how the industry can thrive over the next decade. [...]
Brexit has already made it harder to attract people to Britain and the government is introducing policies making immigration more restrictive and expensive, the report said.
It said the cost of hiring an employee on a five-year visa has risen by 250 percent to 7,000 pounds over the last year and the minimum salary a business may recruit staff for a visa has risen by almost half since 2015.
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