International financial & professional services firms access the workers they need in the UK

FPS firms can tap into the UK’s diverse workforce. 

International talent contributes to the vibrancy of the UK’s labour market, with different views, skill sets, and languages supporting firms’ global operations. While other global financial centres may have less expensive visas, the 2024 Benchmarking Report found the UK’s is the least restrictive. For example, many countries have longer processing times, robust labour marketing testing, or language skills requirements. By comparison, the UK visa system is smoother and offers greater certainty than other global financial centres.

The Our global offer to business report’s findings are supported by strong demand for skilled workers visas. As of 2023 Q3, there was a 8.2% YTD increase in skilled workers visas granted. On a quarterly basis, skilled worker visas granted to US applicants rose by 7.9% in Q3. The persistent demand for UK skilled worker visas speaks to the UK’s openness, its highly competitive offer, and the ease with which UK based firms can recruit across borders.

Looking at London specifically, 41% of workers in London are foreign born, the highest out of all other global financial centres. This international profile contributes to a deep and talented pool of FPS labour. As David Morley, Managing Director and Head of Europe at CDPQ, Canada's second largest pension fund explains,

“London is the place where you can hire talent. It is the biggest pool of talent in Europe by some distance. We are a people business, so that is a big pull for us”.

For firms looking to improve the representation of women in top leadership positions, the UK offers an especially strong talent pool. Specifically, 27% of all leadership roles across financial and professional services are filled by women. While more work still needs to be done, this places the UK ahead of all other financial centres for female representation and demonstrates the benefits of a diverse leadership team.

FPS firms can bank on the future strength of the UK workforce

The UK is home to two of the top three universities in the world, three of the top ten business and economics schools, and two of the top schools for computer science in the world. Upon graduating, more than 40% of foreign students stayed in the UK, contributing to the country’s young, dynamic workforce. 

The robust training available in the UK is a key reason the American electronic trading platform, Tradeweb, established a London office. Enrico Bruni, Managing Director and Head of Europe and Asia Business, says

“London is one of the world’s leading locations in terms of talent and connectivity. Universities here train excellent economics and tech graduates – another reason for our prominent presence in the UK.”

The UK government also recognises that in today’s fast paced world, the skills required by businesses is constantly evolving. For this reason, it’s invested in ongoing programs to make sure workers’ skills remain relevant throughout their working lives. For example, the Skills Bootcamp provides free and flexible courses to adults in areas such as cyber security, coding and project management to support firms’ ongoing labour needs.  

These strong foundations explain why the UK labour market outperforms many other financial centres. In 2023 Insead’s Global Talent Competitiveness Index ranked the UK’s pool of global knowledge skills second in the world, underscoring the quality of its labour force. Its overall Global Talent Competitiveness places the UK ahead of France, Germany, and Japan. 

The UK labour market is among the most dynamic and flexible in Europe

Structurally, the UK labour market is more similar to the US than other European financial centres. The OECD notes that the UK labour market is flexible and adaptable. As a result, it’s easy for firms to hire temporary or contract workers. This creates a dynamic labour market where training is developed through different work environments, creating a nimble and innovative workforce.

A company is only as good as the people it employs. In the UK, FPS firms benefit from a superior talent pool with an international profile. Crucially, the UK’s highly skilled labour force is well placed to support FPS firms in their integration of new technologies and management of climate change risks. For forward-looking companies, the UK’s labour market offers a strong foundation to build a successful future. 

To further widen the available talent pool, HMG introduced a scale up visa in 2022 allowing qualifying companies to sponsor overseas applicants to relocate for two years. This matches the offer from other leading financial centres, and provides additional resilience in terms of securing the right expertise. 

The City of London Corporation in the US

At the end of last year the City of London Corporation established a presence in the US for the first time. This reflects our commitment to deepen collaboration with a key ally and trading partner in a time of profound technological, strategic, and geopolitical change. Now is the time to work together to reduce friction and increase trade, through two interconnected levers: policy and investment. If you would like to speak to us, please contact us at USoffice@cityoflondon.gov.uk.

Chris Hayward, 
Policy Chairman of the City of London Corporation

You may also be interested in the work of the City of London Corporation to support the UK's FPS skills pipeline and diversity.